Gary Gensler Will Withdraw From SEC, XRP Price Soars 150% In A Month
JAKARTA - The price of Ripple (XRP) recorded a significant increase of up to 150% in the past month, hitting its highest level since May 2021 at $1.61. The increase in XRP was triggered by a number of positive sentiment, including news about a possible change in the policy direction of crypto regulators in the United States.
The chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, announced that he would withdraw in January 2025, reported by Coingape. Gensler himself is known to often be tough on the crypto industry, including suing Ripple regarding XRP status as a security. His resignation is expected to create a more cryptocurrency-friendly regulatory environment. This immediately prompted the price of XRP to rise 5% in just 24 hours after the announcement.
Speculation is getting stronger with the emergence of the name Paul Atkins, a pro-crypto figure, as a potential candidate to replace Gensler. If so, analysts believe this could pave the way for the launch of XRP-based ETFs, which are expected to attract institutional investors and expand XRP adoption in the market.
Not only regulatory factors, market optimism in general plays a role. The hope that the new administration under Donald Trump, which is considered more crypto-friendly, could bring significant changes to the industry. In addition, the trend of rising Bitcoin prices towards US$100,000 is an additional catalyst for the altcoin market, including XRP.