XRP Price Jumps 71% Following Gensler Resignation Rumors: Bulls Eye $1

XRP has been making a comeback in the cryptocurrency market, recently hitting a high of 91 cents, sparking renewed excitement among investors. The surge has many speculating that XRP could soon reach $1, marking a major milestone for the digital asset. Here’s a closer look at the current trends surrounding XRP and what could be next for the cryptocurrency.

XRP’s Strong Weekly Performance

According to CoinMarketCap, XRP has surged 71% in the past seven days, standing out among the top-performing assets. While meme coins like Dogecoin, Pepe, and Floki are leading the market in short-term gains, XRP’s impressive rally is drawing attention as a potential breakout asset.

This strong momentum comes at a time when Ripple’s USD stablecoin listings are beginning to gain traction, further fueling optimism about XRP’s future. Analysts suggest that these developments could be a sign of bigger things to come.

A Long-Awaited Breakout?

On The Paul Barron Network, Tim Warren, Host of Investing Broz said that while many have written off XRP as a “boring” or stagnant coin, the recent price action suggests that XRP could be entering a new bullish phase. The cryptocurrency has been in a long-term downtrend, with periods of low volatility and consolidation. However, after years of price constriction, XRP appears to have broken out above its long-standing resistance level for the first time in over four years.

This breakout is being viewed as a potential sign that XRP could be shifting from a bearish to a bullish trend, with some analysts predicting that the price could rise significantly in the coming months.

What’s Next for XRP?

Looking at the charts, XRP is now eyeing key resistance levels. If the price breaks above 95 cents (a level it tested in mid-2023), it could signal further upside. The analyst is forecasting a price target of $6 for XRP in the next bull market, based on the current chart patterns. While that price may seem ambitious, the long-term trend is showing signs of significant recovery.

For the short term, XRP is holding strong support around 70 cents, which could act as a cushion in the event of a pullback. If XRP continues to climb, it may reach $1, with some experts predicting that it could go as high as $1.08 to $1.12 before facing stronger resistance.

Healthy Corrections Ahead?

Despite the positivity, analysts warn that any rapid rally will likely be followed by a correction. It’s not unusual for assets to experience pullbacks after such significant moves, and XRP is no exception. Should the price hit $1, a dip back to around 70 to 71 cents could occur, but this would be seen as a healthy retracement in the context of a longer-term uptrend.