Ripple’s XRP Surges to Three-Year High as SEC Chair Gary Gensler Announces Resignation

The cryptocurrency market has witnessed a significant surge in the price of Ripple‘s native token, XRP, following the announcement of Gary Gensler‘s resignation as the Chairman of the U.S. Securities and Exchange Commission (SEC). Gensler, known for his stringent regulatory stance against the crypto industry, will step down on January 20, 2025, coinciding with the inauguration of President-elect Donald Trump.

XRP’s price exploded to a three-year high of over $1.40, with its market capitalization briefly crossing $80 billion. This resurgence is largely attributed to the hopes that Gensler’s successor might adopt a more crypto-friendly regulatory approach. The ongoing legal battle between the SEC and Ripple, which has been a major point of contention since 2020, is expected to see potential changes or a softer stance under new leadership.

Gensler’s tenure at the SEC was marked by numerous enforcement actions against high-profile crypto companies, including Binance, Coinbase, and Kraken. However, his departure is seen as a positive sign for the crypto community, especially given Trump’s pro-crypto stance during his campaign. Trump had promised to let the cryptocurrency industry thrive and even hinted at establishing a national strategic Bitcoin reserve.

The broader cryptocurrency market also saw significant gains, with Bitcoin (BTC) rising towards $100,000, driven by Trump’s election and his supportive views on cryptocurrency. Other altcoins like Cardano (ADA) and Solana (SOL) also charted double-digit gains, but XRP’s performance was the most notable.

The change in regulatory landscape could have far-reaching implications for the crypto sector, with many speculating that the SEC might settle pending cases, including the one against Ripple, thereby reducing the regulatory pressure that has long impacted XRP’s price).