CandleFocus XRP Gains 25%, $26 Million Shorts Squeezed After Gensler Discloses SEC Resignation
2024-11-22
Author: Content Editor
Ripple's XRP price surged by 25% following the announcement that Gary Gensler would be resigning as the SEC chair. This was seen as a positive development for the broader crypto market, but particularly beneficial for XRP holders who have been dealing with legal issues related to Ripple and the SEC. The price rally triggered $26.11 million in liquidations and XRP's market cap currently stands at $80.64 billion. XRP holders refraining from selling and decreased XRP sent into exchanges suggest a potential rise in value. The formation of a bull flag pattern indicates potential upward momentum and if market behavior remains favorable, XRP's price could surpass $1.50. However, profit-taking could lead to a price decline.
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