Ripple’s XRP token has surged by over 27% in the past 24 hours, reaching its highest level since May 2021. This significant rise was supported by the resignation announcement of U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler.
XRP rose 27.5% to $1.39 as of 10:35 a.m. Hong Kong time on Friday. The cryptocurrency has gained more than 150% in the last 30 days. After trading mostly at $0.5 levels for the previous two years, XRP has now gained significant momentum. The rally in XRP seems to have been influenced by the market rally that accelerated after Donald Trump was re-elected as US President.
Gensler’s Departure from the SEC
XRP’s stronger performance compared to other major cryptocurrencies was further accelerated by SEC Chairman Gary Gensler’s announcement that he will step down from his position on January 20, 2025.
The long legal battle between Ripple and the SEC began in 2020 when the SEC accused Ripple of selling $1.3 billion worth of unregistered securities. As SEC Chairman, Gensler led several enforcement cases against major cryptocurrency exchanges like Coinbase, Binance and Kraken and was widely criticized by the industry.
“Remember the SEC’s broader strategy: targeting Ripple and the industry to distract and create confusion. But that’s just background noise now. The hard part is over,” Ripple Chief Legal Officer Stuart Alderoty wrote on social media platform X last month.
Investors are also eagerly awaiting the potential launch of spot XRP exchange-traded funds (ETFs). Firms such as 21Shares, Canary Capital and Bitwise have already filed ETF applications for XRP.