XRP price experiences significant surge following Gensler exit announcement
In the last 24 hours of trading, the price of XRP has seen a remarkable increase of 24.9%, with the token currently trading at $1.38, as reported by crypto.news. This surge comes after a week of continuous growth, with XRP’s price rising by nearly 75% in the past seven days.
Looking back to the start of November, XRP has witnessed an impressive uptrend of more than 161.26%, surpassing the $1 mark and even breaking its three-year high of $1.268. This positive momentum can be attributed to favorable regulatory developments and heightened activity from whale investors. Despite these gains, it remains uncertain whether XRP will be able to reach its all-time high of $3.40.
As of now, XRP holds the sixth position in the cryptocurrency market based on market capitalization, boasting a market cap of $78.7 billion. With a fully diluted valuation close to $140 billion and a total supply of 100 billion tokens, the token continues to attract investor attention and market interest.
The recent surge in XRP’s price can be linked to the announcement made by Gary Gensler, the current Chairman of the U.S. Securities and Exchange Commission (SEC), regarding his upcoming departure from the role. Since 2020, Ripple Labs has been embroiled in a legal battle with the SEC over allegations of selling XRP as an unregistered security.
On November 22, Gensler took to social media to share his decision to step down from his position, effective January 20, 2025. Following this announcement, Ripple’s Chief Legal Officer, Stuart Alderoty, expressed his thoughts on potential candidates for Gensler’s replacement, emphasizing the importance of key considerations for the future SEC chairman.
Alderoty highlighted the need for the new chair to address non-fraud crypto regulations, retain pro-crypto SEC commissioners, collaborate with financial regulators and Congress on clear crypto guidelines, and revisit previous regulatory frameworks that impact digital assets. These factors are crucial for maintaining a favorable environment for the crypto industry and fostering innovation within the sector.
In response to Gensler’s exit announcement, the price of XRP surged to $1.22 initially, eventually peaking at $1.42 in the hours following the news. The market reaction underscores the significance of regulatory developments and leadership changes in shaping the trajectory of cryptocurrencies like XRP.
Overall, the recent price surge of XRP reflects the interplay between regulatory dynamics, investor sentiment, and market trends, highlighting the complex and evolving nature of the cryptocurrency landscape. As the industry continues to mature and adapt to changing regulatory frameworks, the future performance of tokens like XRP will be closely tied to regulatory clarity and market sentiment.