Ripple Labs’ cryptocurrency, XRP, increased in value by 20% after SEC Chair Gary Gensler announced his resignation. The digital asset reached its highest price since May 2021 at $1.49 on Friday. In 2020, the SEC declared XRP a security, but a federal judge ruled it was “not necessarily a security on its face.” The market is hopeful for a more “crypto-friendly” regulatory environment under the incoming Trump administration.
Ripple CEO Brad Garlinghouse has offered Trump’s team advice, and the investment app Robinhood recently listed XRP for trading. The SEC had sought a $2 billion penalty against Ripple over XRP sales but a judge ordered a $125 million fine.
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