Paul Atkins is now the official Chairman of the US Securities and Exchange Commission (SEC).
US President Donald Trump nominated him to replace former SEC Chair Gary Gensler, who was known for his tough stance on crypto.
Altcoins Poised for 10X Rally
With Atkins widely expected to lead a more crypto-friendly SEC, market experts have highlighted some altcoins set for a 10X rally. These include Ripple (XRP), Solana (SOL), and Hedera Hashgraph (HBAR). As we mentioned in our earlier post, asset management firms, including Franklin Templeton, Canary Capital, and Grayscale, have filed for Exchange-Traded Funds (ETFs) based on these altcoins. The possible approvals of the majority of the ETFs are a major factor that could propel a 10X rally for XRP, HBAR, and SOL. The altcoins also stand to benefit from a peaceful regulatory atmosphere, as the SEC will likely avoid filing major lawsuits against the crypto sector. During his nomination hearing, Atkins pledged to replace opaque enforcement tactics with transparent crypto regulations.
Ripple (XRP)
XRP, currently trading as the fourth-largest cryptocurrency, has remained a top market performer since Ripple concluded its litigation with the SEC. As we discussed earlier, the case’s conclusion permits Ripple to engage in transactions with other entities in the financial services industry. The drop in the Ripple lawsuit officially validated the US SEC’s pro-crypto shift. Following the announcement of the lawsuit resolution, XRP quickly jumped from a low of $2.226 to a high of $2.562. At press time, XRP had increased by 1.9% in 24 hours, setting the price at $2.14. In addition, the price has formed a falling wedge chart pattern, which is usually a bullish price reversal signal. This pattern points to an eventual rally in the coming weeks. If this pattern is confirmed, $3 might become the price to watch, representing a 43% increase from the current level.
Solana (SOL)
Solana is another top altcoin to buy and hold for a potential 10x gain in the near term. Like XRP, several companies, like Canary and Bitwise, have applied for a spot in the Solana ETF. On the weekly chart, SOL has formed a cup-and-handle pattern with a depth of about 96%. Measuring the same distance from the upper side of this pattern will bring the next target to $500. When writing, the coin changed hands for $144, up 7.08% in 24 hours. Meanwhile, key resistance has formed at the $145 mark. Solana’s move above this level might result in SOL rallying to new highs. A 10X rally for Solana will see the altcoin trading at over $1,440 from the current price of $144.7.
Hedera Hashgraph (HBAR)
The swearing of Paul Atkins as SEC Chair could also ignite a 10X increase for HBAR. As noted in our previous article, Grayscale’s proposal to launch an HBAR ETF has received acknowledgment from the SEC. The agency’s acknowledgement hints at possible approvals in the coming months. Similar to XRP, the price of HBAR also forms a downward pattern on the daily chart. While the price has moved slightly above the upper side, the two lines are nearing their confluence level. Additionally, the Relative Strength Index (RSI) indicator has formed a bullish divergence pattern, indicating a strong surge. Thus, the HBAR token will likely experience a strong bullish breakout in the coming months, with a target of $0.25. At press time, HBAR is demonstrating bullish moves, surging over 4.8% to trade at $0.176.