⭐️ $XRP Price Spikes to 3-Year High as Optimism Surges Over SEC Shakeup
As Securities and Exchange Commission (SEC) Chair Gary Gensler prepares to leave his post behind, a cryptocurrency targeted under his leadership is staging a notable climb.
Used prominently by fintech firm Ripple Labs, the price of XRP popped Thursday as Gensler said he would resign from his leadership position at the agency when President-elect Donald Trump takes control of the White House in January.
As of this writing, XRP’s price has increased 20% over the past day, with the asset reaching its highest price since May 2021 at $1.49 earlier Friday.
While XRP has been one of the largest cryptocurrencies by market capitalization since its launch in 2013, the SEC alleged the asset is a security in a lawsuit brought in 2020. Even though a federal judge had since ruled that the token is “not necessarily a security on its face,” a sense of regulatory uncertainty persisted, with the SEC appealing the decision.
Bitwise Senior Investment Strategist Juan Leon told that XRP’s jump in price is rooted in hopes of a favorable regulatory environment under Trump. While the SEC has hounded Ripple Labs in court for years, a change in leadership could bring about new opportunities, depending on whether the SEC decides to abandon its four-year lawsuit.
“Ripple Labs, and XRP by extension, has been mired in lawsuits with the SEC since 2020, which has severely held back [their associated] business prospects,” he said. “Now, with Gensler on his way out and XRP’s stablecoin launching, investors are embracing a clear roadmap for XRP to fulfill its mission as a B2B blockchain payments network.”
On Election Day, the price of XRP hovered around $0.50. Since Trump’s election win, however, the cryptocurrency’s price has nearly tripled, becoming one of crypto’s biggest post-election gainers.
Ripple CEO Brad Garlinghouse has meanwhile offered Trump’s camp advice, per the New York Times.