XRP Surges 20% as SEC Chair Gensler Plans Exit Under Trump Administration

Ripple's Native Token Surges Past $0.80 Amid Speculation of Regulatory Breakthrough

  • XRP price increased 20% following news of SEC Chair Gary Gensler’s planned resignation
  • Price reached $1.49, highest level since May 2021, nearly tripling from $0.50 post-election
  • Ripple CEO Brad Garlinghouse advising Trump’s team on potential administration staffing
  • Federal judge previously ruled XRP “not necessarily a security,” though SEC appeals continue
  • Robinhood recently listed XRP for trading, expanding U.S. market access

XRP Surges as Gensler Announces SEC Departure

XRP, the cryptocurrency associated with Ripple Labs, experienced a significant price rally following SEC Chair Gary Gensler’s announcement of his upcoming resignation.

- Advertisement -

The digital asset’s price surged 20% in 24 hours, reaching $1.49 on Friday – its highest value since May 2021.

Regulatory Relief Drives Market Optimism

The price movement comes amid expectations of a more favorable regulatory environment under the incoming Trump administration.

The SEC’s 2020 lawsuit against Ripple Labs, which alleged XRP was an unregistered security, has been a significant obstacle for the company’s operations.

A federal judge previously ruled that XRP is "not necessarily a security on its face," though the SEC maintains its position through ongoing appeals.

Market Analysis and Industry Response

Bitwise Senior Investment Strategist Juan Leon told Decrypt: "Ripple Labs, and XRP by extension, has been mired in lawsuits with the SEC since 2020, which has severely held back [their associated] business prospects."

The cryptocurrency’s value has nearly tripled from its Election Day price of $0.50, marking one of the largest post-election gains in the crypto sector.

- Advertisement -

Strategic Developments

Ripple CEO Brad Garlinghouse has established connections with Trump’s inner circle, according to the Bitcoin.html”>New York Times, providing input on potential administration appointments.

Investment platform Robinhood has recently listed XRP for trading, expanding access for U.S. investors.

Legal Background

The SEC initially sought a $2 billion penalty against Ripple over XRP sales, but a federal judge reduced this to $125 million in August.

- Advertisement -

The ruling distinguished between institutional sales (found to violate securities laws) and retail investor access (deemed compliant).

Market Sentiment

Connor McGlaughlin, cryptocurrency influencer and XRP investor, attributes the price increase to diminishing regulatory concerns.

"With the likelihood of a favorable resolution and the potential for a more crypto-friendly regulatory environment under a new administration, confidence in XRP is growing," McGlaughlin stated.

The market’s response reflects growing optimism about XRP’s regulatory status and future potential as a B2B blockchain payments network.

Previous Articles:

- Advertisement -

Latest News

Maine Attorney General Recovers Thousands in Crypto Scam Case

The Maine Attorney General's Office has recovered thousands of dollars for a victim of...

Coinbase Shares Hit Highest Level Since 2021 Nasdaq Debut

Coinbase stock reached its highest price since its 2021 listing, nearly returning to debut...

BPX Gains FCA Nod to Trade Tokenized Securities in the UK

BPX, a startup focused on trading tokenized securities, received several authorizations from the UK’s...

Shopify, Coinbase Launch USDC Payments; Mastercard Expands Crypto Access

Shopify and Coinbase allow merchants to accept USDC stablecoin payments, making crypto transactions easier...

Coinbase Launches Wrapped ADA and LTC on Base, COIN Hits New High

Coinbase has introduced wrapped versions of Cardano (ADA) and Litecoin (LTC) on its Ethereum...

Must Read

Forex Trading Vs Crypto Trading: Which One Should You Choose?

So you're trying to decide between two types of trading: Forex and cryptocurrency.Forex trading is the big player in the trading world, with lots...