As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market volatility and regulatory uncertainty. The recent surge in XRP, reaching new heights in 2024, has piqued my interest, especially given the context surrounding SEC Chair Gary Gensler’s potential departure.
As a researcher delving into the dynamic world of cryptocurrencies, I find myself noting an intriguing development: Yesterday, XRP, the seventh-largest digital coin by market cap, scaled a new 2024 peak on the Bitstamp platform, reaching a value of $0.847.
The controversial token has surged by 16% over the past day alone. This makes it the top gainer among the top 100 tokens on cryptocurrency ranking website CoinGecko. Hedera (HBAR) and Stellar (XLM) come in second and third places after rallying 9.5% and 6%, respectively.
According to U.Today’s report, the token linked with Ripple experienced a significant increase in value on Thursday due to rumors that Chairman Gary Gensler of the U.S. Securities and Exchange Commission could resign as early as this coming Friday, sparking speculation among investors.
Gensler’s recent remarks suggest that he might end up leaving the agency in the near future.
The tenure of the current Securities and Exchange Commission (SEC) chairman is marked by legal conflicts with prominent cryptocurrency firms, among them Ripple.
In a recent escalation of his critique, Stuart Alderoty, Ripple’s chief legal officer, has strongly criticized Gensler, stating that he has inflicted substantial harm on the SEC by weakening American innovation and neglecting to uphold the law. He further described this as a disgraceful part of Gensler’s legacy.
18 conservative states, such as Texas and Florida, have filed a lawsuit against the Securities and Exchange Commission (SEC) in response to their crackdown on cryptocurrencies.
As 18 states are taking legal action against me, I eagerly anticipate that he may one day be remembered as a less-than-distinguished figure in the annals of the Securities and Exchange Commission (SEC). This is according to Alderoty’s recent statement.
Indeed, despite the latest surge possibly linked to Gensler’s impending exit, XRP continues to rank among the poorest performers in the token market. Since it reached its all-time high nearly seven years back, it has declined by a significant 76.2%.
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2024-11-15 09:56