In recent developments, Ripple’s XRP has experienced a significant uptick, climbing over eight percent and nearing the $1.20 threshold. Simultaneously, Bitcoin’s price is on a robust upward trajectory, approaching the landmark figure of $100,000. This price movement coincides with the announcement that U.S. SEC Chair Gary Gensler will step down on January 20, aligning with the inauguration of President-elect Donald Trump. Gensler’s term was originally intended to extend until 2026, but it’s customary for agency leaders to resign as new administrations take charge.
Potential for XRP to Reach New All-Time Highs
Should XRP successfully breach the $1.30 level, it holds the potential to swiftly advance towards the $2 mark. While certain resistance is anticipated before hitting $2, XRP’s historical all-time high (ATH) of $3.30 is within reach. The key question is whether this rally, potentially triggered by Gensler’s resignation, can propel XRP beyond its previous ATH, setting new records in the process. Additionally, Bitcoin has seen a rise of more than four percent over the past 24 hours, currently trading just above the critical $98,000 level, keeping investors and enthusiasts on edge.
Implications of Gensler’s Departure for the Crypto Industry
Gensler’s resignation occurs amid a shifting political climate that increasingly favors cryptocurrency. With figures like Donald Trump, Robert F. Kennedy Jr., and Vivek Ramaswamy gaining prominence, the environment for cryptocurrency is becoming more supportive. Trump had previously indicated his intention to remove Gensler, known for his skeptical stance on cryptocurrency, on his first day in office.
According to industry experts, Gensler’s departure is viewed as a significant victory for the cryptocurrency sector, particularly in light of his aggressive regulatory approach. His tenure as SEC Chair was marked by controversial rulemaking and a confrontational attitude towards the industry, earning him a reputation as a symbol of governmental hostility towards cryptocurrency. As a new administration takes over, the crypto community is optimistic about a more favorable regulatory landscape that could foster innovation and growth.
