XRP Soars 24% to $1.40 After SEC Chairman Gary Gensler Confirms Resignation Date

Trending cryptocurrency, XRP has soared significantly over the last 24 hours. The token jumped by 24% to reach $1.40 fueled by the confirmation of a resignation date by the SEC chairman, Gary Gensler.

Trending cryptocurrency XRP has soared by 24% in the last 24 hours, reaching $1.40 following the confirmation of a resignation date by the SEC chairman, Gary Gensler.

According to on-chain data, XRP has surged by 70.31% in the last seven days and does not seem to be slowing down. Since the first week of November, XRP has jumped by over 160%, breaking past the $1 mark for the first time in more than three years.

The recent rally has triggered positive sentiment across the XRP community as analysts are beginning to make bold forecasts for the coin. However, it remains to be seen if the coin can break past its previous all-time high of $3.40 reached during the bull market in January 2018.

Currently, XRP is ranked as the sixth-largest cryptocurrency with a market cap of $79.8 billion. In the last 24 hours, XRP’s trade volume also rocketed by 153% to $17.7 billion.

Gensler’s Exit Fuels XRP RallyGary Gensler, the chairman of the SEC, recently announced on X (formerly Twitter) that he would be stepping down from his role on January 20, 2025. In a thread of tweets, Gensler praised the agency and its staff for being “remarkable” during his term. He highlighted the agency's mission to protect investors, facilitate capital formation, and ensure that the market works for both investors and companies.

Gensler also expressed his honor in serving with the team and ensuring that the U.S. capital markets remain the best in the world. As expected, his emotional tweet sparked a wave of excitement within the crypto community, especially those who had been calling for his resignation.

Shortly after the tweet, XRP began its rally, surging to $1.2 before reaching its current price of $1.4.

The case between Ripple and the SEC has been a key factor in suppressing the XRP price. The SEC filed a lawsuit against the blockchain giant in December 2020, alleging that Ripple violated federal security laws by conducting an unregistered securities offering through the sale of XRP.

While the status of XRP was clarified by the court, the SEC went on to appeal the programmatic sales of the token on digital asset exchanges. In response, Ripple filed a cross-appeal to challenge the decision on its institutional sales of XRP that was classified as an investment contract.

Victor SwaezyEditorVictor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as 36crypto and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.