Ripple’s XRP has surged by 71.82% over the past week, buoyed by SEC Chair Gary Gensler’s resignation announcement. The token’s price rose by 24.69% in the last 24 hours, trading at $1.40 and marking a three-year high. This dramatic increase follows a steady upward trend since early November, driven by regulatory developments and increased investor activity.
Source: CoinMarketCap
XRP’s ongoing rally began after it surpassed the $1 threshold earlier this month, with gains of 161.26% since November started. The token reached $1.42 after Gensler confirmed he would step down as SEC Chair on Jan 20, 2025. This announcement brought hope back into the market since Ripple has been in a protracted fight with the SEC over XRP’s classification as securities since 2020.
Also Read: XRP Targets $1.5, Pursues ATH Amid Bullish Momentum and Legal Optimism
Whale Activity and Regulatory Clarity Boost XRP
The legal developments surrounding Ripple and the SEC have affected XRP’s price movements. Following Gensler’s announcement, XRP climbed sharply, signaling renewed investor confidence in Ripple’s position. The surge was also supported by increased whale activity, with large investors accumulating the token during the rally.
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XRP is currently the sixth-largest cryptocurrency by market capitalization, with a valuation of $79.73 billion. The token holds a fully diluted market cap of $140.17 billion, with a maximum supply of 100 billion tokens. The community and other market participants have also pointed out that XRP’s recent rise comes when there are increasing calls for a precise categorization of digital currencies.
Conclusion
XRP’s impressive weekly rise highlights the influence of regulatory changes on the cryptocurrency market. With Gensler’s departure adding momentum, XRP continues to attract attention as it challenges significant price milestones. Investors are closely watching whether the token can maintain its upward trend and approach its all-time high of $3.40.
Also Read: Pro-XRP Lawyer Criticizes Trump’s Potential SEC and Treasury Picks
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.