Ripple’s XRP is up over eight percent at the time of writing and is trading close to the $1.20 level. Additionally, Bitcoin’s price action is rising and getting dangerously close to the $100,000 mark.
This comes after US SEC Chairman Gary Gensler announced he will resign on January 20, the same day President-elect Donald Trump is inaugurated. Although Gensler’s term would run until 2026, it is common for agency heads to leave when a new administration takes over.
Can XRP Reach New ATH?
If XRP successfully breaks the USD 1.30 barrier, it could quickly rise to the USD 2 level. While there may be some resistance before reaching $2, XRP’s all-time high (ATH) is at $3.30. It remains to be seen whether this rally, fueled by Gensler’s resignation, will push XRP past that ATH and set new records. Bitcoin has also risen by more than four percent in the past 24 hours. The largest cryptocurrency is trading just above the crucial $98,000 mark, keeping everyone on edge.
Gensler’s departure: a victory for the crypto industry?
Gensler’s resignation comes at a time when the political tide is turning in favor of crypto. Now pro-crypto figures like Donald Trump, Robert F. Kennedy Jr. and Vivek Ramaswamy are gaining influence, the shift towards a more supportive environment for cryptocurrency is becoming increasingly apparent. Trump had previously stated that he would impeach 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 regulations and a combative approach to cryptocurrency, making him a symbol of what many saw as government hostility toward crypto.