Date: Thu, Nov 21, 2024, 06:13 PM GMT
In the last hour, XRP has seen a significant jump of 4.82%, reaching $1.17, following a major announcement by U.S. SEC Chair Gary Gensler that he will be stepping down. This news has stirred optimism in the cryptocurrency market, particularly among XRP holders.
Gary Gensler’s Resignation:
Gary Gensler revealed via a brief statement on X (formerly Twitter) that he would be resigning from his position as SEC Chair on January 20, 2025. The news comes as a surprise to many, especially considering Gensler’s active role in regulating cryptocurrencies.
Donald Trump’s Influence:
Interestingly, Gensler’s resignation aligns with statements made earlier by former President Donald Trump. In July, Trump had expressed his intention to fire Gensler if he were elected, stating:
“Let me say it again. On day one, I will fire Gary Gensler.”
The announcement of Gensler’s departure seems to have fueled market speculation that a new SEC leadership could potentially bring more favorable regulatory conditions for cryptocurrencies like XRP.
SEC’s Impact on XRP:
During Gensler’s tenure, the SEC took several actions that heavily impacted XRP. Most notably, the SEC filed a lawsuit against Ripple Labs, accusing them of selling XRP as an unregistered security. This case has been a significant point of contention in the crypto world. Although Ripple has seen some partial victories in court, the SEC has continued to challenge those rulings.
Additionally, Gensler’s stance on crypto regulations, where he often labeled most digital assets (except Bitcoin) as securities, created uncertainty in the market and affected XRP’s value and liquidity.
As the dust settles from Gensler’s resignation, the market will be closely watching how the SEC under new leadership shapes the future of crypto regulation. For XRP, this could signal a brighter regulatory outlook, though whether the price surge is temporary or the start of a sustained rally remains to be seen.
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