With Gary Gensler Resigning from the SEC, XRP Surges to Three-Year High

The price of XRP token has jumped to $1.50 on the news that U.S. Securities and Exchange Commission (SEC) chair Gary Gensler is resigning from his post.

The price of XRP token has surged to $1.50 following news that U.S. Securities and Exchange Commission (SEC) chair Gary Gensler is resigning from his post.

XRP immediately shot up on Thursday, enjoying a 20% bump to reach its best price in the last three years. Earlier this month, the price of XRP languished at just $0.50, reflecting the major spike for the sixth-largest cryptocurrency by market capitalization, according to CoinMarketCap. In the last 24 hours alone, it’s seen $15.8 billion worth of trades.

The XRP token was launched in 2013, but has been the subject of a high-profile SEC case since 2020, with the agency declaring it an unregistered security. However, last year, U.S. District Judge Analisa Torres said that the XRP token was “not necessarily a security on its face,” in a move widely praised by the crypto industry but which prompted the SEC to launch an appeal.

Amid the appeal, it’s not clear how the incoming new chair - who has not been named yet by President-Elect Donald Trump - will handle the status of the case, or if it will drop the complaint against one of the largest cryptocurrencies in the digital asset ecosystem altogether. According to Brave New Coin’s XRP Liquid Index, the token surged almost 188.15% in the initial two weeks following the November election.