Ripple’s XRP token accelerated its rise following the news of SEC Chairman Gary Gensler’s departure.
The prolonged uptrend in the cryptocurrency market has pushed Ripple’s price to its highest level since May 2021.
XRP has reached $1.4, up 27.5% in the last 24 hours. The token, which has gained more than 150% in value in the last month, attracted attention especially after U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler announced that he will step down in 2025.
After the legal battle between Ripple and the SEC was concluded in favor of Ripple in 2024, XRP began to attract the attention of investors again.
Gensler’s tough regulatory policies towards Ripple and other crypto companies during his presidency were met with backlash in the crypto world. However, news of Gensler’s departure has increased expectations that a crypto-friendly regulatory environment could emerge in the US.
Additionally, the possibility of XRP being listed as a spot exchange-traded fund (ETF) in the U.S. is also generating excitement among investors. In the process, companies such as 21Shares, Canary Capital, and Bitwise have filed applications for XRP ETFs.
The re-election of Donald Trump as US president also supported the positive sentiment in the markets. Trump’s past pro-crypto stance raised hopes that the sector would be more regulated.
XRP has topped trading volumes on South Korean exchanges this week, along with DOGE, even surpassing Bitcoin. According to the data, futures positions for the token have reached record levels. Market analysts predict that XRP will test the $1.40 level in the short term.
Ripple’s legal victory and the general optimism in the markets make XRP an important asset not only for investors but for the entire crypto ecosystem.
Stay tuned.