Ripple’s XRP token surged 26.7% overnight to reach $1.40, marking its highest point since May 2021. This dramatic rise comes on the heels of two key events: the broader cryptocurrency market rally and the announcement of U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler’s upcoming departure in January 2025.
The XRP price spike is part of a larger bullish trend, with the cryptocurrency up an impressive 164% in just the last month, compared to its typical price of around $0.53 over the previous two years.
This surge in value reflects growing optimism across the crypto space, bolstered by renewed market confidence following former U.S. President Donald Trump’s re-election bid and the recent 7.5% uptick in the GMCI 30 index, which tracks the top 30 cryptocurrencies.
The news of Gensler stepping down has been particularly impactful for XRP, as Ripple has been embroiled in a lengthy legal dispute with the SEC since 2020. The SEC has accused Ripple of selling XRP as an unregistered security, a claim that has kept the company on the defensive for years. Gensler’s aggressive regulatory approach toward the crypto industry, including actions against major exchanges like Coinbase and Binance, has made him a controversial figure within the sector.
With Gensler’s departure on the horizon, Ripple’s legal team, led by Chief Legal Officer Stuart Alderoty, expressed optimism that the end of the protracted legal battles may be near. Meanwhile, investors are increasingly hopeful that the potential approval of spot XRP exchange-traded funds (ETFs) in the U.S. could further drive the token’s momentum, fueling expectations for a bright future ahead.
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