The XRP price stalled near its all-time high as the crypto market celebrated Gary Gensler’s last working day as the head of the Securities and Exchange Commission (SEC). Ripple was trading at $3.25 on Friday, down from its all-time high of $3.4.
Ripple Labs CLO Blasts Gary Gensler
Crypto traders are bidding Gensler farewell on his final day as the head of the SEC. In an X post, Stuart Alderoty, Ripple Labs Chief Legal Officer (CLO), noted that Gary would be an insignificant person starting Saturday.
John Deaton, another lawyer representing Ripple Labs in its case against the SEC, argued that Gensler was ending his tenure in disgrace. He accused him of leaving the agency’s reputation in shambles, both inside and outside the courtroom. He expects to see more reforms at the agency.
Deaton’s wish may come true if media reports this week were accurate. According to Reuters, Paul Atkins is expected to pause at least some of the enforcement actions the agency filed against crypto companies. Such a move would benefit Ripple, which has been tussling with the agency for the past four years.
The agency is also likely to start approving more crypto ETFs this year. Odds that an XRP ETF will be approved this year have jumped to 66%. JP Morgan analysts anticipate a Ripple ETF may attract over $8 billion in inflows this year.
Gary Gensler’s tenure was characterized by aggressive litigation. He filed over 80 lawsuits against top companies, such as Uniswap, Coinbase, and Immutable.
XRP Price Prediction
The weekly chart shows that the Ripple price made a strong bullish breakout this week. It moved above last year’s high of $2.90. This was a notable breakout since it was a confirmation of the bullish pennant chart pattern. A pennant is made up of a vertical line and a triangle pattern.
The price target in a bullish pennant is estimated by measuring the distance of the flagpole. In this case, this size is almost 500%. One then measures the same distance from the upper side of the breakout.
Here, the bullish pennant points to an XRP price surge to $17. A reasonable short-term target would be half of that flagpole, which is $10.
READ MORE: Litecoin Price Set for an XRP-Like Surge: Experts See $200 Target Ahead
