XRP surged more than 25% in the last 24 hours, reaching its highest level since May 2021.
The his resignation on November 21, 2024, effective January 20, 2025. The price increase is part of a broader rally in the cryptography, fueled in part by optimism surrounding Donald Trump’s re-election. XRP has gained more than 150% in the past 30 days, up from around $0.5 where it had traded for much of the previous two years.
The departure of Gensler, who had been a key figure in Ripple’s ongoing legal battle with the SEC, is seen as a potential turning point for the cryptocurrency. The SEC accused Ripple of raising $1.3 billion through the sale of XRP, which it considers an unregistered security. The lawsuit, filed in 2020, led to XRP being delisted from several exchanges and a decline in its value.
In July 2023, Ripple scored a temporary victory when a judge ruled that XRP sales on exchanges were not securities, triggering a short-term price surge. However, the SEC appealed, extending the uncertainty surrounding the status of XRP. Gensler’s resignation sparked speculation that the SEC could drop its appeal or reach a settlement with Ripple, reducing the regulatory uncertainty that has weighed on the token.
The news also contributed to gains in other cryptocurrencies. Bitcoin, for example, is approaching the $100,000 mark, and analysts believe that regulatory changes under the new administration could be more favorable to the crypto industry. XRP’s recent price surge is supported by market sentiment that the regulatory environment for cryptocurrencies may improve, especially with the potential launch of XRP exchange-traded funds (ETFs).
21Shares, Canary Capital, and Bitwise have all filed for spot XRP ETFs, which could further drive institutional interest in the token. Ripple’s legal disputes with the SEC are expected to ease under the new administration, and some analysts predict that XRP could soon reach $2.
Former SEC Commissioner Paul Atkins is widely considered a likely successor to Gensler. Known for his pro-crypto stance, Atkins could help shape a more favorable regulatory framework for digital assets, which would benefit the long-term prospects of Ripple and XRP. XRP is currently trading at $1.40, with a market cap of $80 billion, and continues to attract investor attention.
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