- In the last day, the price of Ripple’s XRP coin has increased by more than 27%, reaching its highest point since May 2021.
- The spike coincides with Gary Gensler’s statement that he is leaving the SEC.
Amid the prolonged cryptocurrency market boom and the news of U.S. Securities and Exchange Commission Chair Gary Gensler’s resignation, the price of Ripple’s token soared to its highest level since May 2021.
XRP increased by 27.5% in the 24 hours before 10:35 a.m. Hong Kong time on Friday, reaching $1.39. After trading at about $0.5 for the majority of the previous two years, the cryptocurrency has increased by more than 150% in the last 30 days.
The protracted surge spurred by cryptocurrency advocate Donald Trump’s reelection as U.S. president has helped XRP and the majority of other cryptocurrencies in the market.
Gensler exits the SEC
The news that SEC Chair Gary Gensler is leaving the agency on Thursday seems to have contributed to XRP’s superior performance compared to other significant cryptocurrencies. On January 20, 2025, Gensler is anticipated to leave his position at the commission.
The SEC and Ripple have been embroiled in a protracted legal dispute since 2020, when the agency claimed that Ripple had raised $1.3 billion by selling XRP, which it considered to be an unregistered security.
Some in the sector viewed Gensler as a villain since he led the commission in bringing numerous enforcement cases against other significant cryptocurrency businesses, including Coinbase, Binance, and Kraken.
Please keep in mind that the SEC’s overarching goal is to divert attention and cause confusion for Ripple and the sector. However, to be honest, it’s now just background noise. We have overcome the difficult portion of the battle.
As issuers 21Shares, Canary Capital, and Bitwise have applied for XRP ETFs, investors are also anticipating the possible introduction of spot XRP exchange-traded funds in the United States.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
