XRP soars nearly 25% after Gensler exit date announced

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As a seasoned crypto investor with a knack for spotting trends and navigating market volatility, I find myself increasingly intrigued by the recent surge of XRP. With over 24% gain in just 24 hours, this token has caught my attention once again. The news of Gary Gensler’s departure from his post at the SEC seems to have ignited a spark under XRP, pushing its price beyond the $1 threshold and even breaching its three-year high.

As an analyst, I’ve noticed a significant surge: XRP has climbed an impressive 24.9% over the past 24 hours of trading. This upward trend seems to have been sparked following the announcement that Gary Gensler, the head of the SEC, will be stepping down from his position, with his departure set for January 20, 2025.

Based on information from crypto.news, the current market value for XRP (XRP) is $1.38 per coin, having increased by over 24% in just the past day’s trading activities. Over the past week, XRP has experienced a significant surge in its price, with an approximately 75% increase.

Starting from November onwards, Ripple‘s token has experienced a significant increase exceeding 161.26%. This surge pushed the token above the $1 mark and even broke its three-year record at $1.268, thanks to favorable regulatory updates and heightened investment by large investors. However, it remains uncertain whether XRP can reach its previous peak of $3.40.

At this moment, XRP stands sixth on the cryptocurrency charts in terms of market capitalization, boasting a market value of approximately $78.7 billion. Its fully diluted valuation is close to $140 billion, and it has a total supply of 100 billion tokens.

XRP rises after Gensler’s planned exit

The recent increase in XRP’s value might be connected to Gary Gensler, former head of the U.S Securities and Exchange Commission (SEC), announcing his departure from his position. Since 2020, Ripple Labs has been embroiled in a legal dispute with the SEC over allegations that the company was selling XRP as an unregistered security. This legal battle could have impacted XRP’s value, and Gensler’s departure might signal potential changes in the SEC’s stance on XRP.

On November 22nd, Gensler shared a post on platform X, revealing his intention to resign from his role as Chair of the SEC, which will take effect on January 20th, 2025. In response, Ripple’s Chief Legal Officer, Stuart Alderoty, re-shared Gensler’s post with the comment “And that’s a wrap.

In the hours following Gensler’s confirmation, the value of the XRP token started rising and eventually peaked at around $1.42, having previously touched $1.22 shortly after. The price then continued to increase further.

….and scene

— Stuart Alderoty (@s_alderoty) November 21, 2024

Prior to Gensler’s post, Alderoty shared his thoughts on the ongoing discussion about who could succeed Gensler as SEC chairman. Without naming specific individuals, he outlined what he considered essential requirements for the next SEC chairperson.

In a recent statement, Alderoty expressed that there’s been an excessive amount of unrequested opinions about who should or shouldn’t become the next SEC Chair. He believes that the transition team will make a wise decision, taking into account the crucial factors for cryptocurrency regulation in their decision-making process.

Among the points he mentioned were to put an end to non-fraud crypto legislations on the SEC Head’s first day, get pro-crypto SEC commissioners Mark T. Uyeda and Hester M. Peirce to stay on, work with financial regulators and Congress on clear crypto regulations and renounce the 2018 Hinman speech and the 2019 “Framework for Investment Contract Analysis of Digital Assets.”

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2024-11-22 12:54