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XRP experienced a massive price explosion, soaring past $1.40 shortly after U.S. SEC Chair Gary Gensler confirmed his resignation.
In a startling development, Gensler announced he will be stepping down from his role as U.S. SEC Chair on January 20, 2025. This coincides with the date Donald Trump will assume office as the 47th U.S. president.
With Trump planning to fire Gensler on the first day of his inauguration, Gensler announced plans to leave the SEC before this could occur. His announcement comes a week after he hinted at his departure plans in a statement characterized as a farewell disclosure.
In his latest farewell message, the SEC boss praised the commission’s staff for their commitment to maintaining robust markets, protecting investors, and facilitating capital formation.
On January 20, 2025 I will be stepping down as @SECGov Chair.
A thread 🧵⬇️
— Gary Gensler (@GaryGensler) November 21, 2024
XRP Enthusiasts Celebrate Gensler’s Resignation
Expectedly, Gensler’s resignation triggered a bullish reaction within the broader crypto market, particularly XRP. The SEC boss is known for strict enforcement actions against crypto entities, resulting in multiple lawsuits filed.
Although he did not file the Ripple case, he spearheaded the lawsuit for nearly four years. Despite a federal court issuing a final judgment in the lawsuit, the SEC, led by Gensler, appealed the ruling, potentially extending the resolution.
With Gensler’s upcoming exit, most XRP community members anticipate favorable crypto regulation under a new SEC leadership that could potentially end the Ripple lawsuit.
XRP Rallies Past $1.4
This speculation led to a massive spike in XRP’s price, which surged past the $1.4 mark, representing a daily increase of 27% and a 30-day growth of 162%.
Specifically, XRP surged to an intraday high of $1.43 hours after Gensler’s resignation news. The last time XRP traded above $1.40 was during the 2021 bull market. Ever since, XRP has struggled to attain this milestone due to the Ripple lawsuit. Now, several investors expect the asset to surge to greater heights.
Other Positive Metrics
Amid the recent surge, XRP witnessed other positive developments. In particular, open interest increased 31.72% to a record $2.42 billion, according to data from Coinglass. This figure was around $1.56 billion a few minutes after XRP began its latest rally.
According to aixbt, the rise in open interest coincides with a shift in XRP holdings. Large wallets holding more than 1 million XRP accumulated 453.3 million coins in one week, while those with less than 1 million XRP sold 75.7 million coins in the same timeframe.
In addition, aixbt claimed that XRP saw a massive spike in trading volume on South Korean exchanges, outperforming Bitcoin. For context, XRP’s trading volume on South Korea’s largest crypto exchange, Upbit, currently stands at $2.29 billion compared to the exchange’s Bitcoin volume of $798.82 million.
Furthermore, aixbt also stated that XRP’s market cap increased by $14 billion following Gensler’s resignation news. XRP’s market cap currently stands at $79.96 billion, with a coin trading at $1.41.