XRP Surges Nearly 25% After Announcement of SEC Chair Gary Gensler’s Departure

XRP has experienced a remarkable surge, rising 24.9% in just 24 hours following the announcement that Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), will be stepping down from his post on January 20, 2025.

According to pinetbox.com, XRP is currently trading at $1.38, marking a 24% increase in the past 24 hours. Over the last seven days, the token has seen a consistent rally, gaining nearly 75% in value. Since the beginning of November, XRP’s price has skyrocketed by 161.26%, surpassing the $1 mark and even breaking its three-year high of $1.268 after positive regulatory news and increased whale investor activity. However, it remains to be seen if XRP can break its all-time high of $3.40.

Currently, XRP holds the sixth spot on the crypto leaderboard by market capitalization, with a valuation of $78.7 billion. The token’s fully diluted valuation is nearly $140 billion, with a maximum supply of 100 billion tokens.

XRP Rallies After Gensler’s Exit Announcement

The recent surge in XRP’s price is largely attributed to the confirmation that Gary Gensler will be leaving the SEC, a move that could potentially impact the ongoing legal battle between Ripple Labs and the SEC. Since 2020, the SEC has accused Ripple of selling XRP as an unregistered security, leading to a contentious legal dispute.

On November 22, Gensler posted a thread on X (formerly Twitter), announcing his decision to step down as SEC Chairman. Ripple’s Chief Legal Officer, Stuart Alderoty, quickly shared the announcement, captioning it with “… and scene.”

Following Gensler’s post, the price of XRP briefly shot up to $1.22 before continuing its climb, eventually peaking at $1.42 in the hours after the news.

Ripple’s Legal Team and the Search for Gensler’s Successor

Before Gensler’s official exit announcement, Alderoty had weighed in on the ongoing discussion about who should succeed Gensler as SEC Chairman. While he did not name potential candidates, he outlined key priorities for the future SEC leadership, which he believes are essential for the future of crypto regulation. These include:

• Ending non-fraud crypto legislation on the first day of the new SEC chair’s tenure
• Ensuring pro-crypto SEC commissioners like Mark T. Uyeda and Hester M. Peirce remain in their positions
• Collaborating with financial regulators and Congress to establish clear crypto regulations
• Renouncing the 2018 Hinman speech and the 2019 “Framework for Investment Contract Analysis of Digital Assets”

The announcement of Gensler’s departure, combined with these discussions, has sent ripples of optimism through the crypto community, particularly for XRP, which has seen significant price gains in the wake of these regulatory developments.