Is Gary Gensler the reason behind Ripple’s (XRP) sudden rise to 16-month high?

Most of the cryptocurrency market has gone through a slight correction in recent hours, but Ripple’s native token has defied general sentiment.

XRP has broken past its recent yearly high and hit a 16-month high of about $0.8.

XRPUSD. Source: TradingView

Bitcoin was well above $92,000 today, but has lost more than four thousand since then and is now struggling below $88,000. Ethereum is also down from its daily high, below $3,100.

Even the high-flying meme coins have struggled over the past few hours, with DOGE dropping from $0.4 to less than $0.38, PEPE dropping to $0.0000215, and so on.

In contrast, XRP has soared 16% on a daily basis. As a result, the seventh-largest digital asset touched $0.8 for the first time since July 2023.

CryptoPotato laid out some reasons why XRP could surpass its 2024 high of $0.74 today and it took the token only a few hours to do so.

However, the most likely reason appears to be related to current SEC Chairman Gary Gensler. AX reports emerged that he had sent an open letter, suggesting he could resign from his current role as soon as tomorrow.

bye gary Looks like Gary Gensler is resigning tomorrow!

SEND #XRP TO THE MOON AND BEYOND! pic.twitter.com/pSSl7O2pNI

— JackTheRippler ©️ (@RippleXrpie) November 14, 2024

There had been rumors of his resignation since Donald Trump won the US presidential election last week. After all, the Republican promised to fire Gensler on his first day in office.

This potential development could be the main source of XRP’s sudden rise. Ripple has been engaged in a legal battle with the SEC for nearly four years, or essentially since Gensler took over. His resignation could be quite beneficial for Ripple and other crypto companies that the SEC went after under his mandate, especially if his replacement is someone with a more pro-industry approach.

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