The XRP price has barely moved in the past 24 hours, despite the emergence of reports that SEC Chairman Gary Gensler is to resign from his position.
At $0.482915, XRP is down by 0.3% in a week and by 8% in the last 30 days, although the altcoin remains up by 42% since the beginning of the year.
However, XRP holders may have hoped that the coin’s price would be shooting up even further yesterday, when speculation began to swirl around social media that Gensler had delivered his resignation letter.
Unfortunately, the article which broke this purported news is highly dubious, with a ZeroGPT analysis suggesting that it was written by AI.
XRP Price Prediction as Rumors Emerge of SEC Chairman Gary Gensler Resigning – How Will XRP React?
Despite XRP’s inactivity today, its indicators suggest a slight increase in momentum, something which could signal an incoming rally.
Its relative strength index (purple) continues to pick up since falling below 30 last week, with the indicator now topping 50 and still rising, suggesting an increase in buying pressure.
Likewise, XRP’s 30-day moving average (yellow) is also slow climbing up, having reached a bottom in relation to its 200-day average (blue) over the weekend.
It’s also worth pointing out that XRP’s support level (green) is increasing, providing the altcoin with a higher base from which to mount future rallies.
Taken together, these three indicators hint that XRP could rally soon, even if it hasn’t done all that much in the past 24 hours.
But as noted above, if certain rumors had been true, it could have had a much busier Sunday than it actually ended up having.