Rumours of Gary Gensler's Resignation Sends Ripple (XRP) Price Soaring to Highest Level Since July 2023

Yesterday, Ripple's (XRP) price soared to the highest level since July 2023 following rumors that US Securities and Exchange Commission (SEC) Chair

As XRP price soared to its highest level since July 2023 on Thursday, several factors contributed to the altcoin’s impressive rally. Among them were rumors regarding SEC Chair Gary Gensler's possible resignation and substantial whale accumulation. Here's a closer look at these developments.

Gensler's Note Sends Ripple Soaring as Whales Pour in $2.75 Billion

On Thursday, November 14, XRP price surged to $0.80 as a statement by SEC Chair Gary Gensler drew market attention, particularly his comments on crypto.

In his address, Gensler highlighted the SEC's actions against Coinbase, Ripple, and Binance in the name of protecting investors. However, his closing remarks thanking colleagues for their collaboration sparked speculation that he may be preparing to submit his resignation soon.

“It's been a great honor to serve with them, doing the people's work, and ensuring that our capital markets remain the best in the world,” Gensler said.

Gensler's term is officially set to end in June 2025. Still, rumors of an early exit are unsurprising, especially given newly elected President Donald Trump's vow to remove him due to his anti-crypto stance.

This statement resonated strongly with XRP holders, who have borne the impact of the Ripple vs. SEC case since 2020. In response, XRP price surged to $0.80—a level it last reached in July 2023, when Judge Analisa Torres ruled that the token was not a security.

Beyond legal developments, XRP's rally to $0.80 was also fueled by significant whale accumulation. According to Santiment, crypto whales have amassed approximately 3.44 billion tokens over the past two years. This also means that wallets that own at least 1 million XRP hold the highest number of tokens in the last 65 months.

At the current price, this amounts to $2.75 billion, reflecting substantial buying pressure that has contributed to the altcoin's upward momentum. Should this continue, then XRP's price might rally much higher than $0.80. But can it?

XRP Price Prediction: Higher Highs

XRP price has now increased by 45% in the last seven days following Robinhood’s decision to list the token. On the daily chart, the Moving Average Convergence Divergence (MACD) has remained positive.

If this continues, then XRP price might climb to $0.85. However, if crypto whales begin to sell in large numbers, this might not happen. In that scenario, XRP could decline to $0.63.