XRP price eyes likely 25% upswing with Deaton’s blow to Gary Gensler and SEC

Ripple proponent John Deaton testified in Maine’s Financial Services Committee that the US Securities and Exchange Commission and Chair Gary Gensler are threatening the state’s right and ability to pass legislation that enables banks to accept custody of cryptocurrency with 100% reserves. 

Deaton is widely known as an XRP and Ripple proponent and his pro-Ripple stance in the SEC’s lawsuit against the cross-border remittance firm. 

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Ripple proponent Deaton slams the US SEC and Gary Gensler

The US financial regulator, SEC brought a lawsuit against payment giant Ripple over two years ago. The lawsuit has dragged on, amassing criticism from XRP holders and the wider crypto community. 

Proponent John Deaton informed the community that he testified on April 4, before Maine’s Financial Services Committee that SEC Chair Gensler and the regulator, alongside other agencies, are threatening digital asset holders. 

The regulator's moves have threatened the state’s right and ability to pass legislation like a Bank accepting custody of crypto w/100% reserves.

Deaton commented on Gensler’s recent tweet, linking his testimony for the community of XRP and crypto holders. 

XRP holders rejoice and the altcoin’s price climbed nearly 5% since the announcement. Deaton’s move fueled XRP holders with a bullish sentiment. 

XRP price gears up for likely 25% upswing

In the altcoin’s uptrend, XRP price has made two swift moves, yielding nearly 32% gains to holders. If the bullish momentum in XRP’s uptrend is sustained, another 32% run up from the $0.49 level could send XRPLedger’s native token to $0.65, the bullish target. 

As seen in the price chart below, XRP price jumped from $0.37 to $0.49 and $0.44 to $0.58 in two swift moves in the past two weeks. 

XRP/USDT 1D price chart 

Another 32% run up from the $0.49 level could result in a “25% rally in XRP price.” The $0.65 target is close to the 61.8% Fibonacci Retracement, a key resistance level for the altcoin.

On its path to $0.65, XRP faces resistance at 38.2% Fibonacci Retracement at $0.53 and 50% at $0.60. If XRP price successfully flips these resistances into support, the asset could hit its bullish target of $0.65. 

A decline below the $0.44 level, marked as the weekly low that coincides with 23.6% Fibonacci Retracement could invalidate the bullish thesis for XRP price. In this event, the asset could find support at the weekly low and begin its recovery.