As a seasoned crypto investor with over a decade of experience navigating the digital asset market, I must admit that the recent surge in XRP price has left me both intrigued and optimistic. The 22% spike to $0.8386 within hours is a testament to the resilience of this coin and its potential to challenge the long-standing narrative of it being “dead.
Over the past day, the price of XRP experienced its most significant increase in years, soaring to its highest point in more than two years. Specifically, within a short timeframe, XRP rose approximately 22% to hit $0.8386. This surprising jump has sparked renewed interest in XRP’s ability to rewrite its perceived obsolete status.
Interestingly, the current rise in XRP appears to be linked with SEC Chair Gary Gensler. His recent suggestion of potential resignation has sparked optimism among cryptocurrency investors, possibly contributing to this surge.
Why Did XRP Surge Amidst Market Corrections?
Today, Gary Gensler, who’s known for regulating Ripple, XRP, and the broader crypto market, seemed to suggest he might be leaving his role as SEC Chairman. His speech was filled with reminiscences of his time with the SEC and its employees, which gave it a farewell-like tone.
It’s not unexpected that Donald Trump, as president-elect, has indicated his intention to dismiss Gensler following his inauguration, given his campaign promises aimed at pleasing crypto investors. This action is also consistent with the historical trend of leaders of institutions such as the SEC stepping down when a new administration from a different political party assumes office.
BREAKING: Gary Gensler releases statement suggesting he may be leaving the SEC
— Bitcoin Magazine (@BitcoinMagazine) November 14, 2024
Following Gary Gensler’s latest statements and due to a favorable court decision in its ongoing lawsuit with the SEC, the price of XRP has picked up speed. In this recent ruling by US Judge Phyllis Hamilton, Ripple was granted a stay on individual state law claims until a resolution is reached. Essentially, this means that these claims are temporarily halted while the case proceeds. This court decision marks another small win for Ripple in its ongoing legal battle with the SEC, with the trial now scheduled for January 21, 2023.
What Does A Gensler Resign Mean For XRP?
As an analyst, I find myself intrigued by the recent surge in XRP prices and pondering what this could mean for its future value if Gary Gensler were to step down as Chairman of the SEC.
Apart from the Ripple case, Gensler’s resignation might indicate a wider change in the Securities and Exchange Commission’s (SEC) regulatory stance towards the crypto sector. President-elect Donald Trump has expressed his desire for the US to become the global leader in cryptocurrency. This ambition would likely manifest through the SEC, potentially leading to the endorsement of additional exchange-traded funds (ETFs) tied to digital currencies, such as XRP.
At the time of writing, XRP is trading at $0.81.
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2024-11-16 02:11