Ripple’s XRP is up by more than eight percent at the time of writing and is trading close to the $1.20 levels. Alongside this, Bitcoin’s price action is surging, getting dangerously close to the $100,000 mark.
This comes after the U.S. SEC Chair Gary Gensler announced he will step down on January 20, the same day President-elect Donald Trump is inaugurated. Although Gensler’s term was set to run until 2026, it’s typical for agency heads to leave when a new administration takes over.
Can XRP Hit New ATH?
If XRP successfully breaks through the $1.30 mark, it could quickly climb toward the $2 level. While there may be some resistance before reaching $2, XRP’s all-time high (ATH) sits at $3.30. It remains to be seen whether this rally sparked by Gensler’s resignation will push XRP past that ATH and set new records. Bitcoin also is up by more than four percent in the last 24 hours. The largest cryptocurrency is slightly trading above the crucial $98k mark, leaving everyone on edge.
Gensler’s Departure–A Win For Crypto Industry?
Gensler’s resignation comes at a time when the political tide is turning in favor of crypto. With pro-crypto figures like Donald Trump, Robert F. Kennedy Jr., and Vivek Ramaswamy rising in influence, the shift towards a more supportive environment for cryptocurrency is becoming clearer. Trump had previously stated that he would remove Gensler, who is known for his skepticism toward cryptocurrency, on the first day of his presidency.
According to experts, this is a big win for the crypto space, especially considering Gensler’s aggressive stance against the industry. His tenure was filled with controversial rulemaking and a combative approach towards cryptocurrency, making him a symbol of what many saw as government hostility toward crypto.
