Ripple (XRP) is gaining much attention in the market as its interest has rapidly increased over the past week. On Monday, analyst JackTheRippler posted on X that SEC Chairman Gary Gensler may resign soon, which would have implications for the crypto industry. If this rumor turns out to be true, it will have a massive impact on regulating cryptocurrencies, including XRP. An official announcement may be made in the near future, which may affect the market even more.
Potential XRP Breakout
The technical indicator points out that XRP might be preparing to break through during this period of volatility. On Monday, analyst JD posted on X that he is gearing up to mark the token’s top if it breaches a seven-year trendline. JD suggested that the breakout could happen soon, especially after the close of the monthly chart, which was positive. An increase in the BB and RSI breakout further helps to support the bulls’ argument. JD confidently stated that if these indicators are in the right place, he will be ready to wear his ‘MOONBOY boots.’
XRP’s Search Popularity Soars
The increase in the popularity of XRP is not only reflected in technical analysis. Google Trends data show that interest in the token has spiked sharply. On November 16, the search popularity score of XRP hit 100, which is an excellent indicator of public interest in the cryptocurrency. On November 8, the interest index was at only 8, which shows how the sentiment changed drastically. This can be seen in April 2021, when XRP trading reached $1.96 as the search interest followed a similar trend.
Attention towards XRP has been relatively subdued over the last year, with search interest staying below 27 for most of 2023. However, the increased pressure could signify the token’s new life, with many expecting that a more favorable legal climate or technical analysis could propel XRP back into the limelight. As of press time, XRP is trading at $1.13, showing a $5.60% increase over the past day.
Bitcoin Poised for Massive Breakout as Momentum BuildsThe coming weeks are likely critical for XRP and the whole market since the dynamics of the cryptocurrency would be crucial. Technical indicators and increased public interest may lead to significant price fluctuations. This could be the case if some of the recent speculations about the SEC leadership are to hold.
