Ripple (XRP) has surged over 30% in the past 24 hours, climbing to its highest level since the spring of 2021. This surge comes hot on the heels of SEC Chairman Gary Gensler’s decision to step down, an event that has ignited a firework display of optimism among crypto enthusiasts, particularly those vested in Ripple and its native token, XRP.
Gensler’s departure, scheduled for January 20, 2025, coincides with the inauguration of President-elect Donald Trump. The crypto community has long eyed Gensler with skepticism due to his regulatory stance, which has been as welcoming to crypto as a porcupine to a balloon factory. His exit now opens the door for a potentially more crypto-friendly SEC leadership, stirring speculation that ongoing legal battles, including the SEC’s appeal against Ripple, might see a swift resolution or even dismissal.
The price of XRP soared to $1.50, a leap that has more than doubled its value in just a month. This isn’t just a number; it’s a signal flare indicating a possible shift in the regulatory winds favoring cryptocurrencies. The anticipation around Gensler’s resignation has not only propelled XRP but has also seen Bitcoin (BTC-USD) teasing the $100K mark.
In the crypto universe, the ripple effect (pun intended) of Gensler’s resignation might just extend beyond XRP. Speculation abounds that a new SEC chair, perhaps someone with a penchant for digital assets like former SEC Commissioner Paul Atkins, could reshape the regulatory landscape. This could mean the green light for crypto ETFs, with several firms already lining up to launch XRP ETFs.
The market’s response to these developments has been a mix of surprise and cautious optimism. XRP’s market cap has risen to nearly $85 billion, prompting renewed interest from some investors.
The crypto market has embraced this news with open arms, pushing not only XRP but also other cryptocurrencies towards new heights. Cardano (ADA) blockchain climbed more than 12% to $0.92, while Solana’s SOL, currently up 3.33% and trading above the $254 level, surged beyond its pandemic-era record high from 2021. Both ADA and SOL, similar to XRP, were prominently mentioned in SEC litigation. It’s important to recognize, however, that this surge is less about the intrinsic value of XRP, ADA, and SOL and more about the symbolic victory over regulatory hurdles.
Price Action: As of press time, XRP is changing hands at $1.49, up about 31% intraday. The $84 billion market cap coin traded in a range of $1.10 – $1.50, indicating some level volatility over the last 24 hours.
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