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XRP has shocked the crypto market with a dramatic surge, climbing to $1.21 after a 12% gain in the past 24 hours and a whopping 58% increase over the last week. The catalyst for this impressive rally? Breaking news that SEC Chair Gary Gensler will resign from his position on January 20th, 2025. This unexpected development has sent bullish ripples across the crypto community, particularly for XRP, which has long been embroiled in a legal battle with the SEC.
XRP Price Surges to $1.21: A Closer Look
XRP’s price action has been nothing short of spectacular:
- 24-hour performance: XRP gained 12%, pushing its price to $1.21.
- 7-day performance: XRP skyrocketed by 58%, marking one of its best weeks in 2024.
This rally places XRP among the top-performing cryptocurrencies in the market, reinforcing optimism about its future trajectory.
XRP/USD 4-hours chart - TradingView
Breaking XRP News: SEC Chair Gary Gensler Resigns
The news of Gary Gensler’s resignation as SEC Chair on January 20th, 2025, has sent shockwaves through the crypto industry. Gensler has been a controversial figure, particularly for his regulatory stance on cryptocurrencies, including the lawsuit against Ripple, XRP’s parent company.
Gensler’s resignation is seen as a potential turning point, with many speculating that a more crypto-friendly leadership could emerge, easing regulatory pressure on XRP and other digital assets.
Why This News Matters for XRP
XRP has been at the center of the SEC’s crackdown on cryptocurrencies, accused of being sold as an unregistered security. While Ripple has fought back with legal victories, the uncertainty surrounding SEC leadership has weighed heavily on XRP’s price in recent years.
With Gensler stepping down, investors are hopeful for:
- Regulatory Clarity: A new SEC Chair could adopt a more transparent and supportive stance toward crypto.
- Resolution to Ripple’s Case: A change in leadership might accelerate the settlement of Ripple’s legal battle with the SEC.
These factors have fueled bullish sentiment for XRP, driving the recent price rally.
XRP Price Prediction: What’s Next?
XRP’s current price surge has sparked speculation about its next move. Analysts suggest the following price levels:
- Bullish Targets: If positive momentum continues, XRP could test resistance at $1.50 and potentially climb toward $2.00 in the coming weeks.
- Support Levels: In case of a market pullback, XRP may find support at $1.00 or $0.85, providing entry points for traders.
XRP/USD 4-hours chart - TradingView