TL;DR
- XRP is up 30.37% in the last 24 hours, reaching $1.44.
- Gary Gensler’s resignation as SEC chairman sparks optimism in the crypto market.
- Uncertainty over XRP’s status could be resolved with a change in SEC management.
The XRP cryptocurrency has seen a significant increase in its value, rising by 30.37% in the last 24 hours and reaching a price of $1.44, according to the latest data from CoinMarketCap.
This rise is accompanied by growing optimism in the cryptocurrency market, driven in part by the recent news of Gary Gensler‘s resignation as chairman of the United States Securities and Exchange Commission (SEC).
The announcement by Gensler, who has been a key figure in cryptocurrency regulation, has raised expectations that his departure could bring about a change in regulatory policies, more favorable to the crypto market.
Gensler’s resignation, which will be effective on January 20, 2025, has caused an immediate impact on the value of assets like XRP, reflecting the relief of investors hoping for more cryptocurrency-friendly regulation under the incoming Donald Trump administration.
According to the information provided, the new SEC chairman could take a more favorable approach towards cryptocurrencies, which would further strengthen XRP‘s position in the market.
XRP has been embroiled in a legal battle with the SEC since 2020, when the Commission accused Ripple of selling XRP as an unregistered security. This litigation has severely impacted the price of XRP, which saw a significant drop when it was delisted from several exchanges due to the allegations.
However, in 2023, a favorable court ruling for Ripple determined that programmatic sales of XRP on exchanges did not constitute investment contracts, leading to a brief rally in its value. Despite this development, the SEC appealed the decision, reigniting uncertainty about XRP’s future.
Possible changes after Gensler’s departure
The announcement of Gensler’s resignation marks a crucial turning point in Ripple and the SEC’s legal conflict. Market analysts suggest that this change could be the key to a favorable resolution for Ripple, which would remove much of the uncertainty surrounding XRP’s status.
With the possible withdrawal of the appeal or the possibility of a settlement between Ripple and the SEC, the cryptocurrency market could experience a wave of optimism, especially for assets like XRP that have been under heavy regulatory scrutiny.
In the long run, Gensler‘s departure could lead to a more crypto-friendly environment, encouraging adoption and growth. The appointment of a new SEC chairman, who is more receptive to technological innovations in the crypto space, could mark the beginning of a new era for the sector.
In this context, XRP, which has proven resilient in the face of regulatory adversity, could see an even more significant rebound in its value, once again positioning itself as one of the most relevant assets within the crypto ecosystem.