XRP Actively Chase $2 Following Gensler’s Resignation Confirmation

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.

In the last seven days, XRP has skyrocketed by 70.31% according to on-chain data, and does not look like it is slowing down anytime soon. Notably, since the first week of November, XRP has jumped by more than 160%, breaking 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.

It is important to know that XRP surpassed Dogecoin (DOGE) to become the sixth-largest cryptocurrency and has maintained this position with a $79.8 billion market cap. In the past 24 hours, XRP’s trade volume also rocketed by 153% to $17.7 billion.

Gensler’s Exit Fuels XRP Rally

Gary Gensler, the chairman of the SEC, recently announced on X (formerly Twitter) that he would be exiting office on January 20, 2025. In the thread, he commended the agency and its staff for being remarkable during his term.

He noted that the agency was mission-driven and focused on protecting investors, facilitating capital formation, and making sure that the market works for investors and companies alike.

On January 20, 2025 I will be stepping down as @SECGov Chair.

A thread 🧵⬇️

— Gary Gensler (@GaryGensler) November 21, 2024

Gensler expressed his honor in serving with the team and ensuring that the U.S. capital markets remain the best in the world. Not surprisingly, his emotional tweet was met with a wave of excitement across the crypto community who have previously called for his resignation.

Shortly after the tweet, XRP began its ascension, jumping to $1.2 before moving on to its current price of $1.4.

Recall that the case between Ripple and the SEC has been a key suppressant for the XRP price. The case began in December 2020 when the agency filed a lawsuit against the blockchain giant for allegedly violating federal security laws by issuing unregistered security in XRP.

Though the status of XRP has been clarified, the SEC has gone 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.