XRP surged 25% to $1.40, boosted by news of SEC Chairman Gensler's departure
As Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), announced he will step down on January 20, 2024, the price of XRP quickly rose by 25%, breaking the $1.40 mark and triggering a strong market reaction. This news heightened investor expectations for regulatory changes, propelling XRP to a new high for the year.
Gensler's departure sparks market optimism
Gensler has always taken a strict regulatory approach to the cryptocurrency industry, and his departure may bring new regulatory direction to the market. Industry leaders such as Consensys CEO Joe Lubin are optimistic about the future, believing that the crypto industry may welcome a more friendly legal environment.
Additionally, legal expert Katrina Paglia stated that with the arrival of new leadership, the SEC may reduce enforcement actions against cryptocurrency companies. The ongoing litigation between Ripple and the SEC may end in a settlement, a result that would significantly lighten Ripple’s legal burden and provide long-term support for XRP's price.
XRP market activity hits new heights
XRP's performance in the cryptocurrency market is particularly noteworthy:
Annual increase of 138%: So far in 2024, XRP's price performance has outpaced Ethereum, approaching Bitcoin's rise.
Open positions exceed $2 billion: This indicates a high level of interest from traders in XRP's future volatility.
Trading volume in the South Korean market surpasses Bitcoin: Data from multiple exchanges show that XRP's trading volume has exceeded Bitcoin, reflecting strong interest from Asian investors.
Industry analyst Ali Martinez pointed out that this combination of activity and market optimism could drive XRP's price further up to the $2 level.
Institutional investor interest intensifies
Recently, institutional interest in XRP has significantly increased, particularly represented by the WisdomTree launched Europe's first physical XRP exchange-traded product (ETP).
This product, named WisdomTree Physical XRP ETP (XRPW), provides investors with exposure to spot prices and has become one of the lowest-cost XRP ETPs in the European market.
This innovation has sparked discussions about launching similar products in the U.S. market. Institutions, including Bitwise and Canary Capital, have submitted applications for spot XRP ETFs, but they remain pending due to regulatory uncertainty.
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