As of now, Ripple’s XRP has experienced a notable increase, rising by over eight percent and trading near the $1.20 threshold. This uptick coincides with a momentum shift in Bitcoin, which is nearing the significant $100,000 milestone.
Impact of SEC Chair Gary Gensler’s Resignation
The recent price movements in the crypto market are partly attributed to the announcement that U.S. SEC Chair Gary Gensler will resign on January 20, coinciding with President-elect Donald Trump’s inauguration. While Gensler’s term was initially set to continue until 2026, it is customary for agency heads to step down with the transition of a new administration.
Can XRP Reach New Heights?
Should XRP surpass the $1.30 mark, it might rapidly ascend towards the $2 level. While some resistance could potentially slow its progress, XRP’s all-time high (ATH) is $3.30. The market is eager to see if this rally, instigated by Gensler’s resignation, could propel XRP to new heights and potentially set fresh records.
Meanwhile, Bitcoin has also risen by over four percent in the past day, trading just above the crucial $98,000 threshold, leaving market participants on high alert.
Gensler’s Exit: A Boon for the Crypto Industry?
Gensler’s departure arrives at a pivotal moment, as the political landscape appears to be shifting in favor of cryptocurrency. With influential figures like Donald Trump, Robert F. Kennedy Jr., and Vivek Ramaswamy gaining prominence, there is growing optimism about the creation of a more welcoming environment for digital currencies.
Trump had previously expressed intentions to remove Gensler, who is known for his critical stance towards crypto, on the inaugural day of his presidency. Industry experts view this as a significant victory for the crypto sector, particularly given Gensler’s aggressive policies and adversarial approach. During his tenure, Gensler became a symbol of perceived governmental resistance to the burgeoning cryptocurrency industry.
