Ripple’s XRP token has had quite a steep correction in the last 24 hours. The asset is down 6.4% in the daily chart and 12% over the previous month. Despite the correction, XRP has maintained gains in the other time frames. The asset is up 2.3% over the last week, 7.8% in the 14-day charts, and 291.4% since April 2024.
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XRP Rises Amid New SEC Chair Taking Office
XRP’s latest rally comes amid several bullish developments. The SEC has a new pro-Bitcoin head, Paul Atkins. Atkins is likely to take a more lenient approach to crypto when compared to Gary Gensler. Atkins stated, “A top priority in my chairmanship will be to provide a firm regulatory foundation for digital assets through a rational, coherent, and principled approach.”
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XRP’s rally also comes during Bitcoin’s (BTC) recent climb to $94,000. BTC’s rally was likely due to BlackRock purchasing more than $800 million worth of BTC over three days. The sudden influx may have boosted investor sentiment.
Is $2.70 the Next Target?
According to prominent crypto analyst Ali Martinez, Ripple’s XRP token has formed an inverse head and shoulders pattern. The development could lead to the asset rallying over the coming days. The analyst anticipates a breakout to $2.70 if conditions remain bullish.
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There is a high probability that XRP will hit new highs this year. The asset has 10 active ETF applications with the SEC. Atkins may greenlight several crypto-based ETFs this year. An XRP ETF could lead to XRP hitting a new all-time high. The asset is down by 37% from its all-time high of $3.40. XRP hit its peak in January 2018, more than seven years ago.