Batman

Chair

Gary

<a href="https://yellow.com/asset/xrp">XRP</a> experienced significant gains following the announcement of SEC Chair Gary Gensler's departure, but recent market behavior has caused many analysts to advise caution. There is speculation that the token may have peaked in this cycle, marked by a swift downturn over several days. 
The crypto market experienced a surge, dubbed the ‘Trump Pump’, that initially left XRP lagging but soon saw it <a href="https://cryptopotato.com/ripple-xrp-price-tanks-17-in-2-days-is-the-top-in-for-this-cycle/">surpass</a> peers. At its height, Ripple’s native cryptocurrency soared over 420% within a month, peaking near $3. This surge briefly catapulted <a href="https://yellow.com/asset/xrp">XRP</a> to third place by market capitalization, ahead of <a href="https://yellow.com/asset/sol">SOL</a>, <a href="https://yellow.com/asset/bnb">BNB</a>, and <a href="https://yellow.com/asset/usdt">USDT</a>. 
Yet, a reversal soon followed. The driving factor was a substantial demand from South Korea, which was disrupted when political tensions led to a short imposition of martial law. 
The broader cryptocurrency market also declined, though XRP suffered more than <a href="https://yellow.com/asset/btc">BTC</a> and other alternatives. It quickly lost its position to Tether. This decline occurred despite the appointment of Paul Atkins, a pro-crypto SEC Chair, replacing Gary Gensler. Ripple’s CEO, Brad Garlinghouse, welcomed Atkins as a beneficial choice for the agency, hoping for a shift in policy that favors cryptocurrency. 
"In Atkins, we gain a leader who will reinstate pragmatism at the SEC. Alongside Hester Peirce and Mark Uyeda, we anticipate an end to restrictive crypto policies, paving the way for innovation and growth," shared Garlinghouse on social media. 
Since a local peak earlier this week, XRP's value has plummeted nearly 20%. Analysts warn that this could signify the end of its current upward cycle. Crypto analyst, known as Batman, noted the token’s rejection at a long-standing bearish trendline, advising leveraged traders to exercise caution before initiating long positions. 
"XRP’s challenge at its bearish trendline suggests it may have topped out. Markets are unpredictable, but caution in longs is advisable," Batman tweeted. 
Another voice, Nebraskangooner, echoed these sentiments, referencing a tweet by Ripple’s CEO, humorously suggesting it hinted at the peak. Brad’s recent tweet seemingly marks a local top for XRP, he <a href="https://x.com/Nebraskangooner/status/1864481693567967700">stated</a>.

Trump Pump Effect Waning? XRP Down 17% in 48 Hours

Yellow News

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