Gary Gensler Withdraws From SEC, Can XRP Price Rise?

XRP, a Ripple-run crypto asset. (Photo; Doc. Bitcoinist)

JAKARTA - The news about Gary Gensler's planned resignation from the SEC chairman is increasing. This also increases the optimism of the crypto community, especially the XRP community regarding the impact of Gensler's departure on XRP price performance. In the last 24 hours, XRP recorded a 15.9% spike, reaching its daily highest level at 0.8 US dollars or equivalent to Rp12,900.

Gensler, who led the SEC, was previously in the process of filing an appeal against Judge Analysis Torres' decision on Ripple's lawsuit. However, Donald Trump's victory in the US presidential election on November 5, 2024 raised hopes that this lawsuit would end soon as Gensler withdrew, with great potential to push XRP prices up significantly.

On November 14, Gensler gave instructions on his planned resignation at the 56th annual conference held by the Practice Law Institute. This confirms Trump's previous pledge to dismiss Gensler, which is considered an obstacle to blockchain industry growth.

"On the first day, I will fire Gary Gensler," Trump said in July at the 2024 Bitcoin Conference.

Gensler's departure can provide space for crypto assets like XRP to thrive. During his tenure, Gensler was known as a figure who often sued crypto projects. He is considered to be hampering the growth of the digital asset industry in Uncle Sam's country.

XRP Price Movement Today, Breakout

According to a Coingape report, the recent XRP price spike was also backed by a breakout of a symmetric consolidated pattern for several years. This pattern shows the potential for a large rally that could carry XRP prices beyond $2 before the end of 2024.

The positive market sentiment, supported by potential regulatory changes under the Trump administration, opens up great opportunities for XRP to record further increases in the coming months.