XRP (XRP) Rallies 45% on Speculation Regarding Gary Gensler’s Resignation

Ripple (XRP) has experienced a significant surge over the past day, climbing over 15% to reach $0.8452, a price point not seen since 2021.

Ripple (XRP) experienced a significant price increase on Friday, surging over 15% to reach $0.8452, a price point last seen in 2021. This surge follows hints from SEC Chair Gary Gensler about a possible resignation and rumors of an XRP ETF being introduced during Donald Trump's administration.

The XRP token experienced a valuable gain on Friday as a result of rumors that SEC Chair Gary Gensler might announce his resignation today. His recent remarks at the 56th Annual Institute on Securities Regulation hinted at this potential outcome.

Gensler highlighted the substantial investor harm in the cryptocurrency market during his speech. He also stated that "the vast majority" of cryptocurrency tokens lack legitimate use cases.

As usual, he clarified that Bitcoin is not classified as a security, and the Commission has never regarded it as one. However, the chair asserted that the Commission's attention has been directed toward at least 10,000 other digital assets.

"I’ve been proud to serve with my colleagues at the SEC who, day in and day out, work to protect American families on the highways of finance,” he said in his concluding remarks.

John E Deaton, a legal expert and cryptocurrency advocate, speculates that Gensler may resign as early as today, Friday.

Although Gensler's term is set to conclude in June 2025, it is anticipated that he will either resign soon or be dismissed by Donald Trump when the newly elected president takes office.

18 Republican attorneys general file lawsuit against the SEC over crypto regulation

Anticipation continues to grow following the lawsuit filed by eighteen Republican attorneys general against the U.S. Securities and Exchange Commission over its role in regulating digital assets at the state level, according to a court document on Thursday.

“This lawsuit arises from the SEC's unconstitutional overreach and unfair persecution of the digital asset industry, specifically targeting companies and individuals in the digital asset space for engaging in conduct that furthers innovation and advances a new era of finance,” the lawsuit states.

The lawsuit, which is supported by the DeFi Education Fund, alleges that the SEC's regulatory methods harm the industry. They are asking the court to rule that a “digital asset transaction is not an investment contract” and to instruct the SEC to refrain from pursuing future legal actions against crypto firms.

Read More: After Crypto.com, Bitnomial Sues US SEC, Says XRP Is Not an Investment Contract

XRP/USD: Ripple price analysis from TradingView at press time on Friday, November 14, 2024, shows the XRPUSD chart presenting a strong buy signal based on the combined oscillators and moving averages analysis. This indicates a bullish trend and potential for further XRP price increases.

The price of Ripple at the moment is $0.8005. It has a market cap of $45.46 billion and a 24-hour trading volume of over $11.06 billion.

The oscillator indicators are mostly neutral, suggesting that the current momentum is neither strongly overbought nor oversold. With 8 Neutral, 2 Buy, and only 1 Sell signal, oscillators lean toward a balanced view but indicate a slightly positive outlook. The Commodity Channel Index (CCI) is the only oscillator signaling “Sell,” which could serve as a cautionary signal for overbought conditions.

Both exponential and simple moving averages across different timeframes are in “Buy” territory, indicating sustained price support and bullish sentiment.