Ripple has seen a significant surge in the past 24 hours, with the increase exceeding 7%, pushing its weekly gains to more than 9%. This rise came as a result of positive developments that clearly boosted demand for the digital currency in trading markets.
According to data from CoinMarketCap, Ripple has risen 7.46% in the last 24 hours, reaching around $1.13, while its weekly gains have reached around 9%. Thus, Ripple has maintained its sixth place in the list of the largest digital currencies in terms of market capitalization.
Analysts suggest that the main reason behind the surge is reports that Gary Gensler, the chairman of the US Securities and Exchange Commission, is about to leave. At an annual regulatory conference in New York, Gensler hinted at the possibility of his departure, concluding his speech by saying, “It has been a great honor to serve with them and to ensure that our capital markets remain the best in the world.”
These statements have sparked optimism in the cryptocurrency markets, and have led to increased expectations of a change in regulatory leadership, which could positively impact Ripple’s position in its legal battle with the US Securities and Exchange Commission.
The legal battle began in December 2020, after the SEC accused Ripple Labs of selling XRP as unregistered securities, and took a turn in July 2023 when the court ruled that some of Ripple’s sales were not securities transactions, a decision that helped boost the currency’s price significantly.