Ripple’s XRP is up more than 8% as of this writing and is trading close to the $1.20 level. At the same time, Bitcoin’s price action is surging, getting dangerously close to $100,000.
This comes after U.S. SEC Chairman Gary Gensler announced that he would resign on January 20, the day President-elect Donald Trump takes office. Gensler’s term is set to run until 2026, but it is common for agency heads to leave when a new administration takes office.
Can XRP hit a new ATH?
If XRP successfully breaks through $1.30, it could quickly rise to the $2 level. XRP’s all-time high (ATH) is at $3.30, although there may be some resistance before reaching $2. It remains to be seen whether the rally triggered by Gensler’s resignation will push XRP past its ATH and set a new record. Bitcoin is also up more than 4% in the last 24 hours. The largest cryptocurrency is trading just above the crucial $98,000 level, making everyone nervous.
Gensler’s Departure – A Triumph for the Cryptocurrency Industry?
Gensler’s resignation comes at a time when the political tide is turning in favor of cryptocurrencies. As the influence of cryptocurrency advocates such as Donald Trump, Robert F. Kennedy Jr., and Vivek Ramaswamy grows, the shift to a more supportive environment for cryptocurrencies becomes more and more evident. It’s becoming clear. Trump previously announced on his first day in office that he would remove Gensler, who is known to be skeptical of cryptocurrency.
According to experts, this is a big win for the cryptocurrency space, especially considering Gensler’s aggressive stance towards the industry. His tenure was filled with controversial rule-making and a combative approach to cryptocurrencies, making him a symbol of the government’s hostility toward cryptocurrencies for many.