$XRP The announced resignation of Gary Gensler, the chairman of the Securities and Exchange Commission (SEC) in the United States, is enthusiastically welcomed by the cryptocurrency community. The price of XRP has risen by an impressive 27.4% in the last 24 hours, reaching a level of $1.44. As Gensler will step down in 2025, many expect that a pro-crypto SEC chairman could take his position – a development seen as positive for the growth and innovation of XRP and other cryptocurrencies.

Positive developments for XRP

Earlier this month, the price of XRP saw a significant increase when it was announced that Donald Trump had won the U.S. presidential elections. Within a week, the popular altcoin rose from $0.50 to over $0.62. The news of Gensler's resignation seems to further fuel this increase and rekindle interest in XRP.

Why the XRP community is pleased about Gensler's resignation

The joy in the XRP community is mainly related to Gensler's role in the years-long lawsuit of the SEC against Ripple. The SEC accused Ripple of unlawfully offering XRP coins to institutional investors during their Initial Coin Offering (ICO). Under Gensler's leadership, this case led to a settlement in which Ripple had to pay a fine of $125 million.

With Gensler's announced resignation, Ripple and the XRP community hope for a friendlier stance from the SEC, which could benefit the future of XRP and other blockchain projects.

Expectations for the XRP price

Crypto experts expect that the Trump administration will pursue a pro-crypto policy, which could give a strong boost to the blockchain industry. For XRP, this could mean a breakthrough: since 2018, the coin has not reached a new all-time high (ATH).

Some analysts predict that XRP could rise to $5 during the current bull market, representing a growth of 247% from the current level. Other experts are even more optimistic, forecasting a price of $13, which would mean an impressive increase of 800%.

Conclusion

With the news of Gensler's resignation and a possible pro-crypto policy from the new SEC chairman, the future of XRP looks promising. However, investors remain cautiously optimistic as the market continues to evolve.

Source: newsbit