XRP soars nearly 25% after Gensler exit date announced

XRP is up 24.9% in the last 24 hours of trading. The price of the token jumped after SEC Chairman Gary Gensler announced that he will step down effective January 20, 2025.

XRP token price chart over the last 24 hours of trading, November 22, 2024 | Source: crypto.news

According to Crypto.news data, XRP(XRP) is currently trading at $1.38 after rising more than 24% in the last 24 hours of trading. Over the past seven days, XRP has experienced an ongoing rally, with its price skyrocketing by nearly 75%.

Since the beginning of November, Ripple’s token has surged over 161.26%, breaking the $1 threshold and even surpassing the token’s three-year high of $1,268 following positive regulatory news and increased whale investor activity. However, it is not yet known whether XRP can surpass its all-time high of $3.40.

XRP currently sits sixth on the crypto leaderboard by market cap, maintaining a market cap of $78.7 billion at the time of writing. The token has a fully diluted valuation of approximately $140 billion and a maximum supply of 100 billion tokens.

XRP rises after Gensler’s planned debut

XRP’s recent rise is likely due to US Securities and Exchange Commission Chairman Gary Gensler confirming that he will be stepping down from his position. Since 2020, Ripple Labs and the SEC have been waging a legal battle over accusations that the agency was selling XRP as an unregistered security.

On November 22, Gensler published a post about X, announcing that he would “step down” from his position as SEC Chairman, effective January 20, 2025. Ripple’s Chief Legal Officer Stuart Alderoty immediately reposted Gensler’s message. The title is “… and the scene.”

Shortly thereafter, the XRP token rose to $1.22 and continued to rise thereafter, reaching a peak of $1.42 in the hours following Gensler’s confirmation.

Before Gensler’s post, Alderoty weighed in on the discourse around who would be the best candidate to replace Gensler. He didn’t mention names but listed what he believed were the SEC’s future chairman’s “stakes on the table.”

“There’s a lot of unsolicited advice here about who the next SEC Chairman should (or shouldn’t be). “I trust the transition team will make the right decision considering these table stakes for crypto,” Alderoty said.

Among the points he mentioned were ending fraud-free crypto legislation on the SEC Chairman’s first day, ensuring that pro-crypto SEC commissioners Mark T. Uyeda and Hester M. Peirce remain in office, and working clearly with financial regulators and Congress. abandoning crypto regulations and abandoning the 2018 Hinman speech and the 2019 “Framework for Investment Contract Analysis of Digital Assets.”