XRP Price Prediction as Rumors Emerge of SEC Chairman Gary Gensler Resigning – How Will XRP React?
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.
According to an article published on thecryptoalert.com, SEC Chair Gary Gensler had submitted his resignation following the conclusion of an internal investigation into his conduct.
The article’s author claimed to have spoken with an “anonymous official” at the securities regulator, as well as another “anonymous source familiar with the matter.”
This reporting was quickly picked up by a number of social media accounts, who passed on the message of the article without subjecting its content to any real scrutiny.
As a result, XRP enjoyed a mini-surge for brief period yesterday, that is until journalists at a few more established media outlets took a closer look at the rumor’s source.
Using AI-detection algorithm ZeroGPT, they tested the article and found that it scored 98.61%, with the results declaring that “Your Text is AI/GPT Generated.”
This revelation quickly killed off the buzz surrounding XRP, which lost ground following its little rally.
Still, the overall picture for XRP remains positive, with Ripple waiting on the conclusion to its case with the SEC.
The conviction remains that Ripple has a very strong chance of securing a good summary judgment or settlement, with sentiment being improved in recent weeks by the disclosure of the long-awaited Hinman emails.
These revealed that even the SEC had been confused as to how securities law applied to cryptocurrencies, a revelation which strengthens Ripple’s fair notice defense.
As such, if Ripple does get something close to a victory in the next few months, XRP would likely witness one of its biggest-ever rallies.
It could rise to $1 in a matter of weeks, before potentially reaching $2 by the end of the year.
Presale Tokens for High-Potential Gains
The problem with XRP, however, is that it may still take a few months for the court to reach its decision, meaning that holders probably shouldn’t be holding their collective breath.
Because of this, traders may be advised to look at altcoins that offer higher probabilities for gains in the shorter term, with presale tokens in particular fitting such a profile.
One of the hottest presale coins at the moment is Thug Life Token (THUG), a meme token that has aligned itself with gangsta rap and hip-hop culture.
It launched its presale last week and has already raised in excess of $250,000, an impressive total for such a young project.
With a maximum total supply of 4.2 billion THUG, Thug Life Token has allocated 70% of this total to the presale, meaning that it will be its community which holds the biggest stake in the meme coin.
THUG’s presale will have only one stage, making the meme token available at a price of $0.0007, a price which is likely to rise by quite some margin once it lists on exchanges.
The sale will close after it reaches its hard cap of $2,058,000, meaning that it’s already more than 10% of the way towards finishing.
And because meme tokens have probably been the single most profitable category of tokens this year, THUG really has a strong chance of outperforming the market when it lists in the next few weeks.
Investors can join its presale by visiting the official Thug Life Token website, where THUG can be bought by connecting your software wallet and using ETH, USDT or fiat currency.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
