XRP Hits $1.6 as Investors Act on Gensler's Resignation News

Ripple (XRP) supporters and the broader crypto market are celebrating as Gary Gensler, SEC Chair, announces his resignation. Under Gensler's tenure, the SEC pursued aggressive enforcement actions, notably against Ripple's XRP.

Ripple (XRP) price soared to a three-year high of $1.6 on Monday as news of Gary Gensler’s resignation as SEC Chair sparked optimism in the crypto market.

XRP price surged over 25% following the announcement, hitting its highest levels since 2021. The broader crypto market also reacted positively, with Bitcoin and Ethereum prices rising.

However, XRP’s growth is limited by Ripple’s ongoing legal battle with the SEC over whether XRP is a security. Despite some arguing that Bitcoin is a non-security, Gensler has maintained that XRP falls under securities law.

This stance has left XRP investors on edge, as regulatory actions and appeals have cast doubt on the future of XRP. The token has faced immense selling pressure at key resistance levels throughout 2023, despite rallying from lows of $0.8 earlier this year.

Dogecoin price soared by 130% on Monday, reaching levels of $0.3748 after the U.S. presidential elections. Currently, Dogecoin price is facing resistance at the Fib 1.272 Extension level, aiming to continue its uptrend.

This particular rise comes after Dogecoin has witnessed sharp price reactions to Elon Musk’s past remarks. For instance, Dogecoin price surged by 33% when Musk suggested that Tesla could begin accepting Dogecoin payments, and fell as he called Dogecoin “a hustle” on Saturday Night Live.

Presently ranked as the 7th largest cryptocurrency, Dogecoin has a market capitalization of $64.74 billion with a 24-hour trading volume of $20.97 billion. Dogecoin’s rapid growth highlights the coin’s sensitivity to external influences and traders are keeping a close eye on whether this bullish momentum will continue or if volatility will dictate Dogecoin’s next phase.

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