In this article: XRP surged 19% to 0.080 after SEC Chairman Gary Gensler announced his imminent departure.
Gensler's possible departure marks a change in #cryptocurrency regulation under President-elect Trump.
18 U. S. states have filed lawsuits accusing the SEC of abuse of power.
#XRP , Ripple's own cryptocurrency, was the biggest gainer among the top 100 #cryptocurrencies , surpassing the long-awaited price level expected at 0.80. Meanwhile, #bitcoin (BTC) and dogecoin (DOGE) fell more than 2% and 2% respectively over the past 7 hours.
XRP's explosive growth will be seen after SEC Chairman Gary Gensler hinted at an imminent departure in a speech on Thursday. He acknowledged that his term is coming to an end as President-elect Trump prepares to take office. Market speculation suggests that a cryptocurrency-backed administration could back U. S. projects such as Ripple and Uniswap.
The price of XRP has risen more than 19% in the past 24 hours, leading to a rally and recent new highs. Currently, the average price of XRP is 0.081, but it reached 0.84 in the first hours. Trading volume rose 72% in 24 hours to 11.13 billion yen. In just 7 days, prices will increase by about 50%, equivalent to the level last seen in the 2023/6 school year.
According to data provided by CoinGlass, more than 12.21 million bets made on the XRP price increase were canceled in just 12 hours. About 6,650 million (53%) of the liquidated bets were short positions. This suggests that traders were expecting a slight decline in price, but several recent events have supported XRP.
This surge came at a time when the global cryptocurrency market was in the red. The total trading volume in the cryptocurrency market fell 3% to ¥2.9 trillion, bringing the trading volume to ¥22.6 billion.
According to Santiment, whale wallets holding at least 100 million XRP reached the highest volume since 2018/6. These wallets currently hold 4,561,000,000 million tokens.
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