XRP’s incredible surge in price
The price of XRP had its most significant 24-hour rise in years, climbing to its highest level in more than two years. In particular, in just a few hours, XRP price surged by around 22% to $0.8386. The impressive rise sparked widespread concern, reexamined XRP’s potential, and debunked claims that XRP was in decline.
Link to SEC Chairman’s Statement
Ironically, XRP’s current price surge is closely related to Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), as the SEC chairman recently issued a statement suggesting that he seemed to be about to resign from his position, which greatly boosted the optimism of cryptocurrency investors.
Why XRP is surging amid market correction
Gary Gensler, who has long been known for his crackdown on Ripple, XRP, and the entire cryptocurrency market, is now seeing a change in his role on the commission. His recent speech was a clear farewell, reflecting on his time at the SEC with the staff, while also hinting at his impending departure.
This is not surprising. President-elect Donald Trump promised during his campaign to fire Gensler after he was sworn in to attract cryptocurrency investors. Moreover, this is in line with a tradition in the United States that when a new government is in power with a different party, the heads of agencies such as the SEC usually choose to resign. In this context, the cryptocurrency market has been greatly affected, and the price of XRP has soared despite the market adjustment. Investors seem to see a more relaxed environment and new opportunities for XRP's future development. This series of changes has made XRP's performance in the market a focus.
The information provided in this article is for informational purposes only and does not constitute advice of any kind.
