The XRP price has recently experienced a significant surge, marking its highest level in over two years with a 22% increase to reach $0.8386. This sudden surge has brought attention to XRP’s potential to challenge the narrative of its demise. Interestingly, this surge is linked to SEC Chair Gary Gensler, who hinted at a possible resignation, sparking optimism among crypto investors.
SEC Chairman Gary Gensler, known for his strict stance on Ripple, XRP, and the crypto market as a whole, made an announcement regarding his role in the commission. His remarks had a farewell tone, hinting at a potential departure. This announcement aligns with the expectation that President-elect Donald Trump plans to remove Gensler from his position to appeal to crypto investors.
The recent rise in XRP price can also be attributed to a favorable ruling for Ripple in its legal battle with the SEC. US Judge Phyllis Hamilton granted a joint motion for entry of judgment on the plaintiff’s claims, allowing Ripple to put a hold on individual state law claims until a resolution is reached. This ruling signifies a small victory for Ripple as they continue to navigate the legal process, with a trial date set for January 21 next year.
The potential resignation of Gary Gensler as SEC Chairman could have significant implications for XRP’s future. A new SEC chair with a more crypto-friendly approach might withdraw the appeal against Ripple, removing a major obstacle that has hindered XRP price growth. Furthermore, Gensler’s departure could signal a broader shift in the SEC’s regulatory approach to the crypto industry, potentially leading to the approval of more cryptocurrency-based exchange-traded funds (ETFs), including XRP.
Currently, XRP is trading at $0.81, showing signs of continued momentum. The recent surge in XRP price reflects the anticipation of what the future holds for XRP if Gensler were to step down and a more crypto-friendly regulatory environment is established. This could pave the way for further growth and adoption of XRP in the market.
In conclusion, the recent developments surrounding XRP, Gary Gensler, and the SEC indicate a potential shift in the regulatory landscape for cryptocurrencies. The ongoing legal battles and the possibility of Gensler’s resignation have sparked optimism among investors and could lead to significant changes in the crypto industry moving forward.
