The price of Ripple (XRP) recently reached a peak of $1.43 on November 22, the highest level since August 2021, with an impressive increase of 25% within just 24 hours. This is a major turning point for this long-standing coin, achieving a growth rate of 150% over 30 days and 65% just in the past week. The upward momentum comes from the strong recovery of the crypto market following Donald #TRUMP 's victory in the 2024 US presidential election, as well as the news that SEC Chairman Gary Gensler will resign in January 2025.
Gary Gensler, who has led the legal battle against Ripple Labs since 2020, is seen as the main reason the price of $XRP has faced pressure for a long time. Under his leadership, the SEC accused Ripple of unlawfully raising $1.3 billion by selling XRP as an unregistered security. With the news of his departure, many investors believe that the major legal barriers against Ripple and the crypto market in the US will be lifted.
Not only that, this information has also sparked hopes that the SEC will soon approve XRP ETF funds, after major institutions like 21Shares and Bitwise submitted applications. If approved, XRP could attract significant capital flows from institutional investors, opening a new chapter full of potential for this coin.
Ripple CEO Brad Garlinghouse called Gensler's resignation decision 'the best Thanksgiving gift', while CTO David Schwartz mocked this departure on social media X. Additionally, XRP holders also expressed their joy, hoping for a brighter future for XRP. Lawyer John E. Deaton, who has stood alongside #Ripple in the legal battle, even predicts that XRP's market capitalization will soon reach $100 billion as the situation increasingly favors Ripple.