As of the time of writing, Ripple's XRP has risen over 26%, trading close to $1.39. Meanwhile, Bitcoin's price is also steadily approaching the $100,000 mark.
Previously, SEC Chairman Gary Gensler announced he would resign on January 20, the same day as Trump's inauguration. Although Gensler's term was set to last until 2026, it is common for agency heads to leave after a new government takes office.
Can XRP hit a new high?
If XRP successfully breaks through the $1.40 mark, it may quickly rise to the $2 level. While there may be some resistance before reaching $2, the historical all-time high (ATH) for XRP is $3.30.
It remains to be seen whether this rebound triggered by Gensler's resignation will push XRP to break its ATH and set a new high. Bitcoin has also risen over 4% in the past 24 hours. The largest cryptocurrency is slightly above the crucial $98,000 mark, making everyone feel anxious.
Gensler's departure – a victory for the crypto industry?
As Gensler resigns, the political tide is turning to support cryptocurrencies. With the rising influence of cryptocurrency supporters like Donald Trump, Robert F. Kennedy Jr., and Vivek Ramaswamy, the trend towards a more supportive crypto environment is becoming increasingly evident. Trump has previously stated that he would fire Gensler, known for his skeptical stance on cryptocurrencies, on the first day of his presidential term.
This could be a significant victory for the cryptocurrency space, especially considering Gensler's aggressive stance on the industry. His tenure was filled with controversial rule-making and a radical attitude towards cryptocurrencies, making him a symbol of government hostility towards crypto in the eyes of many.
