Gary Gensler Resigns from SEC, XRP Price Surges by 150% in 30 Days
Ripple (XRP) has seen a whopping 150% increase in its price over the past month, reaching $1.61, its highest level since May 2021. This surge was fueled by positive news, particularly regarding a potential shift in regulatory policy for cryptocurrencies in the United States.
The chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, announced that he would be stepping down in January 2025. Gensler, known for his strict stance on the crypto industry, including the lawsuit against Ripple over XRP’s security status, is expected to pave the way for a more crypto-friendly regulatory environment with his resignation. This announcement alone caused XRP’s price to jump by 5% within just 24 hours.
The speculation gained momentum with the possibility of Paul Atkins, a pro-crypto advocate, stepping in as Gensler’s replacement. Analysts suggest that Atkins’ appointment could lead to the introduction of XRP-based ETFs, attracting institutional investors and boosting XRP adoption.
Apart from regulatory developments, overall market optimism has also played a role in XRP’s price surge. The anticipation of a more crypto-friendly administration under Donald Trump and the upward trend in Bitcoin’s price towards $100,000 are contributing factors that have positively impacted the altcoin market, including XRP.
