Ripple (XRP) Hits 3-Year High After Gensler Steps Down as SEC Chairman
XRP price has surged to a 3-year high after SEC Chairman Gary Gensler announced his resignation in January 2025.
On November 22, Ripple (XRP) price recorded an impressive 25% increase in the past 24 hours, reaching a peak of $1.43 - the highest level since August 2021.
This spectacular breakout is a strong affirmation of the return of XRP - one of the oldest coins in the cryptocurrency market. XRP has truly "transformed" with a rapid growth of 150% in the past 30 days, and an impressive 65% in the past week alone.
XRP's growth momentum was not only driven by the general recovery wave of the cryptocurrency market when Bitcoin (BTC) continuously set new ATHs after Donald Trump's victory in the 2024 US presidential election, but also received a strong boost from the news that the Chairman of the US Securities and Exchange Commission (SEC) Gary Gensler announced that he would leave office in January 2025 - the time when the new administration of Donald Trump officially took office.
The reason why XRP's price skyrocketed after this news was due to the "unsavory" relationship between Ripple Labs and the SEC under the direction of Gary Gensler that has lasted since 2020 when the agency accused Ripple of illegally raising $1.3 billion through the sale of XRP as an unregistered security.
Gensler's departure is not only a "thorn in the side" of Ripple, but also a breath of fresh air to the entire cryptocurrency legal landscape in the US. The move marks the end of a tumultuous era for the crypto industry, with the SEC pursuing lawsuits against not only Ripple, but also industry giants like Coinbase, Binance, and Kraken.
Ripple CEO Brad Garlinghouse has called Gary Gensler's resignation his "best Thanksgiving gift," clearly showing his glee at the SEC chief's decision to step down.
This Thanksgiving, I'm thankful for... https://t.co/FHDPaRnRkU
— Brad Garlinghouse (@bgarlinghouse) November 21, 2024
Meanwhile, Ripple CTO David "JoelKatz" Schwartz mocked the SEC Chairman's decision with a short tweet: "I'm gonna miss him!" posted on X.
I'm gonna miss him! https://t.co/lEGhCOmNlu pic.twitter.com/2xcaIsl7Kc
— David "JoelKatz" Schwartz (@JoelKatz) November 21, 2024
Not stopping there, XRP is also facing a "golden" opportunity when a series of big names such as 21Shares, Canary Capital and Bitwise simultaneously filed applications for XRP ETFs with the SEC. This move has fueled many expectations that XRP ETFs will soon be "green-lit" in the US market. attracting huge cash flows from institutional investors to this coin.
On X, XRP holders and Ripple supporters could not hide their excitement at this information. Even lawyer John E. Deaton, who accompanied Ripple in the legal battle with the SEC, boldly predicted that XRP's market capitalization will soon reach $100 billion as the "situation" is increasingly changing in a favorable direction.
