XRP has seen a significant price increase, hitting $0.80, while Bitcoin and Dogecoin have dropped by over 2% and 7%, respectively. These developments come after SEC Chair Gary Gensler hinted at potential resignation.
XRP's Rise and Its Causes
XRP's price surged by 19% in the last 24 hours, hitting a new recent high. Its trading volume rose by 72%, standing at $11.13 billion. The cryptocurrency has gained around 50% in just 7 days, last seen in June 2023. The surge follows Gary Gensler's remarks hinting at his imminent departure from the SEC. Over $12.21 million placed on a declining XRP have been liquidated, with 53% being short positions.
Gary Gensler's Position and SEC Implications
SEC Chair Gary Gensler hinted at potential resignation, signaling significant crypto regulation changes. President-elect Trump could appoint a new SEC chair, a common move with new administrations. During Gensler's tenure, over half of all crypto enforcement actions were taken since 2015. His departure is seen as a chance for a more crypto-friendly policy.
Market Reaction to SEC Changes
Following Gensler's potential departure, the crypto market fell by 3%, totaling $2.9 trillion. At the same time, wallets holding more than 1 million XRP hit their highest level since June 2018, now holding 45.61 billion tokens in total. In the last 2 years, whales and sharks have added 3.44 billion XRP.
Gary Gensler's exit from the SEC could lead to a healthier crypto market and the removal of certain restrictions, already positively affecting XRP's price. Future regulatory changes may further boost certain assets.
