XRP, a popular cryptocurrency, has increased dramatically in value during the past day. Gary Gensler, the head of the SEC, confirmed his departure date, which caused the token to surge 24% to $1.40.
On-chain statistics show that XRP has soared by 70.31% in the past seven days and does not appear to be slowing down anytime soon. Notably, XRP has increased by over 160% from the first week of November, breaking the $1 mark for the first time in over three years.
The XRP community is feeling optimistic as a result of the recent surge, and experts are starting to make daring predictions for the coin. It is unclear, nevertheless, if the coin would be able to surpass its previous peak of $3.40, which was attained in January 2018 during the bull market.
It is significant to note that, with a market valuation of $79.8 billion, XRP has maintained its position as the sixth-largest cryptocurrency, surpassing Dogecoin (DOGE). Additionally, XRP’s trade volume soared by 153% to $17.7 billion on the same day.
XRP Surge Triggered by Gensler’s Exit
On X (previously Twitter), SEC chairman Gary Gensler recently said that he would be leaving his position on January 20, 2025. He praised the agency and its employees in the thread for their outstanding performance throughout his tenure.
He stated that the agency’s objective was to safeguard investors, facilitate capital formation, and ensure that the market benefits both businesses and investors.
Gensler noted that it was an honor to serve with the team and make sure that the U.S. capital markets continue to be the best in the world. Unsurprisingly, the crypto community, which had previously demanded his resignation, was thrilled by his message.
Shortly after the tweet, XRP started to rise, first reaching $1.2 and then peaking at its current $1.4 price.
Keep in mind that the SEC-Ripple lawsuit has been a major factor in the price suppression of XRP. The action started in December 2020 when the agency sued the blockchain behemoth for allegedly issuing unregistered security in XRP in violation of federal security laws.
The SEC has appealed the programmatic sales of XRP on digital asset exchanges, even though the token’s status has been defined. Ripple responded by submitting a cross-appeal to contest the ruling regarding its institutional sales of XRP, which were deemed to be investment contracts.
Conclusion
XRP has experienced a significant price surge, climbing 24% in a single day to reach $1.40, following the announcement of SEC Chairman Gary Gensler’s planned departure in early 2025.
Over the past week, the cryptocurrency has risen by 70.31%, with a remarkable 160% increase since early November, surpassing the $1 mark for the first time in three years. This surge has bolstered optimism within the XRP community and solidified its position as the sixth-largest cryptocurrency with a market capitalization of $79.8 billion.
The ongoing legal battle with the SEC continues to influence XRP’s price dynamics, but Gensler’s exit and Ripple’s cross-appeals in the lawsuit have reignited bullish sentiment, prompting speculation about a potential return to its all-time high of $3.40.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.