The controversial XRP token has outperformed every cryptocurrency in the top 20 today after its price exhibited a significant rally that has shot it to a new year high. According to on-chain data, XRP climbed by 46% in the last 7 days, setting grounds for the next target of $1.
The XRP community is rocked with excitement as members had previously expressed concern about the slow price movement even though the market was in a rally. But, what is the trigger behind the current rally?
Why is the XRP Price Up Today?
XRP began its upsurge along with the global market after the outcome of the recently concluded US Presidential election that declared Trump victorious. However, a different factor is driving the current XRP movement.
The XRP price skyrocketed on Thursday, November 14, after a rumor about the possible resignation of Gary Gensler circulated. The rumor suggested that the current SEC chairman could leave office as early as today, Friday.
The rumor stemmed from the closing remarks on Gensler’s speech during a conference where he reflected on his term as the Commission’s head. He thanked his staff for riding with him even though they could work elsewhere and make more money.
“The lawyers, accountants, economists, policy experts, and other staff generally could make more money working somewhere else. They choose, though, to work on behalf of the public here at the SEC,” he said.
Furthermore, he stressed the importance of having proper regulations for the crypto industry because it breeds investors’ trust and brings them back to the market ” like fans to a football game.”
The part of the speech that raised the controversy was the closing statement. He said;
“I’ve been proud to serve with my colleagues at the SEC who, day in and day out, work to protect American families on the highways of finance.”
As soon as this statement came out, XRP began an upward trajectory, surging to $0.77, and then $0.86 at the time of writing.
Trump Could Sue Gensler if He Refuses to Step Down
While the XRP spike ignited, another conversation was brought up on X (formerly Twitter), about the likelihood of Gensler refusing to leave office as expected. A user asked if Donald Trump can legally remove Gensler from office in a situation where he refuses to.
The question was answered by two prominent members of the crypto community, pro-XRP lawyer MetaLawMan, and Fox Business News Journalist, Eleanor Terret.
MetaLawMan pointed out that the Supreme Court had not ruled on this decision before as previous SEC chairmen resigned office upon the installment of a new administration. He stated, however, that the President does not have the authority to remove Gensler if it comes to that.
Source: X
Eleanor Terret further disclosed that Trump would likely take Gensler to court before he could be removed. However, she stressed that it would be a long and expensive battle as Gensler would have to pay legal fees from his pocket, underscoring the cost of choosing to remain in office.
Ultimately, the next 24 hours will be very crucial to watch as the entire crypto community will be paying attention to see how the situation unfolds if the rumor holds any water.
The post XRP Actively Chasing $1 as Price Rockets by 46%, What is Driving the Movement? appeared first on Coinfomania.
