As Securities and Exchange Commission (SEC) Chairman Mr. Gary Gensler prepares to resign, a cryptocurrency that was once targeted under his leadership is experiencing significant growth.

XRP, a cryptocurrency widely used by fintech company Ripple Labs, saw its price surge on Thursday when Gensler announced he would resign from his leadership position at the agency as President-elect Donald Trump takes over the White House in January.

As of now, the price of XRP has increased by 20% in the past day, reaching a high of $1.49 this morning, the highest price since May 2021.

XRP Price Chart | Source: Coingecko

Although XRP has been one of the largest cryptocurrencies by market capitalization since its launch in 2013, the SEC has accused this asset of being a security in a lawsuit filed in 2020. Although a federal judge ruled that this token “is not necessarily a security by its appearance,” regulatory uncertainty still exists, with the SEC appealing this decision.

Bitwise's Senior Investment Strategist, Mr. Juan Leon, said that the price increase of XRP stems from hopes for a favorable regulatory environment under Trump. While the SEC has pursued Ripple Labs in court for years, the change in leadership could bring new opportunities, depending on whether the SEC decides to drop its four-year-long lawsuit.

“Ripple Labs and XRP have thus been embroiled in lawsuits with the SEC since 2020, which has severely hindered their business prospects,” Mr. Leon commented. “Now, with Gensler set to leave and XRP launching a stablecoin, investors are embracing a clear roadmap for XRP to fulfill its mission as a B2B blockchain payment network.”

On Election Day (November 5), the price of XRP hovered around $0.50. However, since Trump won the election, the price of this token has nearly tripled, becoming one of the largest post-election gainers, alongside ADA.

Ripple's CEO, Mr. Brad Garlinghouse, meanwhile, has advised Trump's team, according to the New York Times. The newspaper reported last week that Mr. Garlinghouse had spoken with individuals close to the president-elect about personnel decisions under the new Trump administration.

With the change in SEC leadership likely bringing a cryptocurrency-friendly regime, investor access to XRP has recently been expanded in the U.S. For example, earlier this month, the investment app Robinhood listed this token for trading on its platform.

Last month, Ripple's General Counsel, Mr. Stuart Alderoty, stated that Gensler wanted to keep “a cloud of uncertainty hanging over the crypto industry” with his appeal. However, he argued that the SEC's appeal is likely to fail, dispelling that cloud of uncertainty forever.

Although the SEC has sought a $2 billion penalty against Ripple for XRP transactions, claiming the company violated securities laws, a federal judge ordered Ripple to pay a $125 million penalty in August. The judge found that XRP transactions with institutions violated securities laws but not transactions under the program that made this token available to retail investors.

Connor McGlaughlin, a YouTube influencer and XRP investor who has dedicated his Mickle Markets channel to supporting this cryptocurrency, said he believes the coin is rising as concerns about its regulatory status diminish.

As the SEC lawsuit appears increasingly mired in difficulties, McGlaughlin – who has posted videos supporting XRP related to Gensler in recent days – sees renewed optimism among supporters of this coin.

“With the potential for a favorable resolution and the prospect of a more crypto-friendly regulatory environment under the new administration, confidence in XRP is rising,” he said. “The market is waking up to this potential, driving current excitement and price momentum.”

Source: https://tapchibitcoin.io/gia-xrp-tang-vot-len-muc-cao-nhat-trong-3-nam.html