XRP price jumped 25% after news that SEC Chair Gary Gensler will step down. This is an important moment in the legal fight between Ripple and the SEC.
The cryptocurrency market experienced an explosive surge in the price of XRP following the announcement that SEC Chair Gary Gensler would step down when Donald Trump takes office on January 20, 2025. The news lifted spirits in the crypto industry. XRP price jumped by 25%. This added to the overall positive momentum in the market.
XRP has been caught in a long legal fight with the SEC over whether its sales are unregistered securities. With Gensler leaving traders and analysts are feeling optimistic. They think the end of the legal uncertainty could bring more gains for XRP.
XRP Price Jumps 25% Following Gensler’s Resignation
Gary Gensler’s resignation as SEC Chair has greatly affected XRP price. On Thursday, XRP rose 25%, continuing a strong upward trend that has seen its value increase by over 50% in the past week. Gensler’s upcoming departure is seen as a positive change for the crypto industry. His resignation, effective when Donald Trump takes office in January 2025, has excited many investors, especially in the XRP community. Gensler has been a major opponent of crypto. and his tough stance has sparked much controversy.
Gensler’s departure may change how the SEC handles digital assets. As SEC Chair under Biden, he took major actions against crypto companies. This includes the ongoing lawsuit with Ripple over XRP.
Ripple’s Legal Battle Boosts XRP Price Recovery
The lawsuit, which started in December 2020, has hurt Ripple and XRP price. The SEC says Ripple’s sale of XRP is an unregistered securities offering and tried to fine the company $1 billion. But in mid-2023, Judge Analisa Torres ruled that XRP is not a security when sold to the public on exchanges. However, it could be considered a security when sold to institutional investors. The court also lowered the fine from $1 billion to $125 million, which helped Ripple’s case.
Ripple has continued fighting the SEC while also looking for growth opportunities. The company’s plans for a public offering and an XRP ETF were delayed due to the lawsuit. But with Gensler resigning, these obstacles may be removed, and XRP’s price could keep rising.
XRP is currently trading at $1.26, its highest price in three years. After the long legal battle, XRP has made a strong recovery. Its price has risen 120% in the last month. Many traders think it could go higher. Analysts say XRP might reach $1.88 if it breaks key resistance levels, which could lead to a bigger rally.
Optimistic XRP Price Predictions Spark Excitement in Crypto Space
Some analysts, like Dark Defender on Twitter, are hopeful about XRP. They think it could outperform Bitcoin and Ethereum in the next few months. Another trader, CrediBULL Crypto, believes XRP could reach new all-time highs soon. He predicts a price of $9, a big jump from where it is now.
Many people in the crypto world are happy about Gensler’s resignation. Industry leaders are celebrating his departure. Ripple CEO Brad Garlinghouse joked that he was most thankful for Gensler leaving this Thanksgiving. Elon Musk also joined in asking if it was true that the SEC only works one day a month.
New SEC Leadership Could Spark Crypto-Friendly Regulation
The leadership change is expected to create a more crypto-friendly environment. Trump’s administration is set to fill the SEC Chair position. Possible candidates are Hester Peirce, known as “Crypto Mom” for supporting crypto, and Dan Gallagher. Gallagher is a former SEC lawyer who has defended crypto companies…
XRP is continuing to rise, and the crypto community is hopeful that Gary Gensler’s departure will end over-regulation. They believe this could start a new era for digital assets. In this new era, the SEC may take a more balanced and supportive approach to blockchain and cryptocurrency innovation.
Gary Gensler’s resignation as SEC Chair has led to a 25% rise in XRP price, sparking optimism in the crypto market. As Ripple’s legal battle with the SEC continues, Gensler’s departure is seen as a step toward a more crypto-friendly approach. Ripple’s future looks better, and analysts predict more growth for XRP, with some expecting new all-time highs. The crypto community hopes the SEC will be more supportive under new leadership, which could lead to even more gains for XRP.
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