Here's Why The XRP Price Surged Past $0.8 Despite The Market Dump | Bitcoinist.com

6 hours ago

The price of XRP has experienced its largest increase in a single day in several years, climbing to its highest point in more than two years. Specifically, XRP jumped around 22% within just a few hours, hitting $0.8386. This notable spike has sparked interest in XRP's ability to defy the perspective that it’s a failing asset.

In a twist of fate, the recent rise in XRP's value is linked to SEC Chair Gary Gensler. This connection stems from his recent comments that suggest he might be considering stepping down, which has sparked a sense of optimism among investors in the cryptocurrency market.

"Why Did XRP Rise During Market Corrections?"

Gary Gensler, the chairman of the SEC, who has taken a strong stance against Ripple, XRP, and the broader cryptocurrency market, shared some news today about his position within the commission. His comments had the feel of a farewell address, as he reflected on his time at the SEC and with the staff, suggesting that he may be leaving soon.

This isn't unexpected, given that president-elect Donald Trump included plans to dismiss Gensler as part of his campaign in order to attract crypto investors. Additionally, it follows the usual practice for leaders of organizations like the SEC to step down when a new administration from a different political party assumes power.

BREAKING NEWS: Gary Gensler has issued a statement hinting that he might be stepping down from the SEC ???????? pic.twitter.com/ROgYcxk02N

— Bitcoin Magazine (@BitcoinMagazine) November 14, 2024

In addition to Gary Gensler's recent comments, the XRP price has seen a boost due to a positive outcome for Ripple in its legal fight against the SEC. A US Judge, Phyllis Hamilton, recently approved a joint motion regarding the plaintiff's claims, allowing Ripple to pause individual state law claims until a resolution can be reached. This ruling is another small win for Ripple as the legal battle continues, with the trial now scheduled for January 21 of next year.

Impact Of Gensler's Resignation On XRP

The recent surge in XRP's value hints at what might happen to its price in the future, especially if Gary Gensler steps down from his role as Chairman of the SEC. His departure could have a significant impact on the ongoing lawsuit between Ripple and the SEC. If a new SEC chair takes over with a more positive attitude towards cryptocurrencies, they might decide to drop the appeal against Ripple. This action could lift a major obstacle that has been hindering the growth of XRP's price.

Aside from the Ripple case, Gensler's exit might indicate a larger change in how the SEC regulates the cryptocurrency space. President-elect Donald Trump has expressed his desire for the United States to become the 'crypto capital of the world.' If this vision comes to fruition, we could see its influence within the SEC. This might lead to the greenlighting of additional cryptocurrency-based exchange-traded funds (ETFs), including those featuring XRP.

As of now, XRP is priced at $0.81.

Image created using Dall.E, and the chart is sourced from Tradingview.com.

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Scott Matherson is a prominent cryptocurrency writer at Bitcoinist, known for his keen analytical skills and extensive knowledge of the digital currency world. He has built a strong reputation for producing insightful and thoroughly researched pieces that appeal to both beginners and experienced crypto lovers. Beyond his writing, Scott is committed to increasing awareness about cryptocurrency and frequently endeavors to teach the public about the possibilities offered by blockchain technology.