Ripple’s XRP token has broken out of a three-year downtrend, coinciding with hints of SEC Chair Gary Gensler’s potential resignation and major whale accumulation. XRP has surged 15% in the last 24 hours and 45% over the past week and was trading at $0.8012.
Analysts Signal Potential XRP Rally
A key technical development has emerged as XRP breaks free from a three-year downtrend pattern. According to analyst Milkybull Crypto, this breakout signals an incoming “massive rally.”
Supporting this bullish outlook, Santiment data reveals that large holders controlling at least 1 million XRP now possess a combined 45.61 billion tokens, marking their highest holdings since June 2018.
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Whale accumulation has shown remarkable strength, with large holders adding 3.44 billion XRP over the past two years, representing an 8.16% increase in their total holdings.
This accumulation phase has coincided with the token’s recent price surge, which has rewarded traders with a 40% return in just seven days.
SEC’s Gary Gensler hints at a potential resignation
SEC Chair Gary Gensler’s recent remarks at PLI’s 56th Annual Institute on Securities Regulation have sparked speculation about his departure.
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During his speech, which covered various aspects of US capital markets, corporate governance, and disclosure rules, Gensler notably commented, “It’s been a great honor to serve with them, doing the people’s work, and ensuring that our capital markets remain the best in the world.”
His potential departure comes after a tenure since 2021, during which the SEC implemented reforms in the $28 trillion US Treasury markets and updated regulations for the $60 trillion equity market.
Regarding cryptocurrency enforcement, Gensler noted that crypto-related cases have constituted “five to seven percent” of the SEC’s overall enforcement efforts since 2018.
XRP Price Pumps Over 15%
XRP’s price performance reflects growing market optimism, with the token trading between $0.5464 and $0.8276 over the past week. The current price of $0.8012 represents a key recovery, supported by both technical and fundamental factors.
The combination of the technical breakout, increased whale accumulation, and potential regulatory shifts has created a powerful catalyst for XRP’s upward momentum.
The surge in price and accumulation by major holders suggests growing confidence in XRP’s future prospects, particularly as the regulatory landscape appears to be shifting.
This surge is considerable as it follows the recent surge of Bitcoin following the victory of Donald Trump as the United States president.
XRP price plunged following the SEC’s lawsuit. The coin was 76% down from its ATH of $3.40 from January 7, 2018.
