XRP is on its way to $2, surging around 25% in the past 24 hours, reaching its highest price point in over three and a half years. Ripple’s native token is sitting around $1.40 and looks set to keep going, fuelled by the news that SEC Chairman Gary Gensler is leaving his post on January 20.
The rise in the price of XRP comes as part of a broader rally in the crypto market, which currently sees Bitcoin hovering just below $100,000 level. Positive sentiment across the market is being driven by the jubilation surrounding the re-election of Donald Trump.
BOOOOOOOOOOOOOOOOOOM!!!
On January 20, 2025 Gary Gensler will be stepping down as @SECGov Chair!
Congratulations #XRP community! pic.twitter.com/B7l3sKcig5
— JackTheRippler ©️ (@RippleXrpie) November 21, 2024
Nobody Will Be Happier Than Ripple To See The Back Of Gensler And A Pro-Crypto America
From talks of a US Strategic Bitcoin Reserve to pro-crypto figures such as RFK Jr. and Elon Musk cementing themselves as close aides of the President-elect, there are many reasons to be excited about the future of crypto.
Nobody is more excited about an SEC that Gensler doesn’t govern than Ripple. Gensler’s departure, which had been a key figure in the ongoing legal battle between Ripple and the SEC, is seen as a potential turning point for the number six digital asset.
The SEC has previously accused Ripple of raising over $1.2 billion via the sale of its XRP token, which it considers an unregistered security. The lawsuit, filed in 2020, led to XRP’s delisting from several exchanges and a drop in its value.
In July 2023, Ripple received a short-term victory after a judge ruled that XRP’s sales on exchanges were not securities. This triggered a short-term price surge, briefly climbing to $0.82.
It was short-lived as the SEC appealed, which caused fear among investors, who saw the price tumble down to as low as $0.41. Gensler’s resignation has sparked speculation that the SEC might drop its appeal or reach a favorable settlement with Ripple, reducing the regulatory uncertainty that has suppressed the token for nearly five years.
Are XRP ETFs On The Way?
#XRP NEWS FLASH 🚨 The Ripple team announces that an XRP ETF is around the corner right after the $125 million lawsuit settlement.
The #XRPL is set to handle $1 trillion in DeFi volume, with the CTF token being the only XRP Ledger DeFi token in the top 10!
Although the #CTF… pic.twitter.com/xMuFr3JGWQ
— RippleLord 🥇 (@Ripplelordz) November 22, 2024
XRP’s recent spike in price is supported by an overall positive sentiment that the regulatory environment for cryptocurrencies is set to improve. There are rumors that the staunchly anti-crypto Gensler could be replaced by the pro-crypto Chris Giancarlo, lending further credibility that the US is set to become a hospitable home for crypto investors and companies alike.
A favorable outcome of its legal case with the SEC will likely lead to the potential launch of XRP exchange-traded funds (ETFs). 21Shares, Canary Capital, and Bitwise have all filed applications for spot XRP ETFs.
If successful, this would be monumental for Ripple after its longstanding legal issues within the US and will drive institutional interest in the token.
From a price perspective, analysts call for XRP to hit $2 soon before taking a run toward $5, fuelled by the likely positive news regarding its case with the SEC in the coming months.
(XRP)
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