- XRP price has jumped after rumors that Gary Gensler, the head of the U.S. Securities and Exchange Commission (SEC).
- Whether this recent surge is a temporary blip or the start of a sustained upward trend will depend largely on how the regulatory environment evolves.
XRP, the seventh-biggest cryptocurrency by market capitalization, jumped to a fresh high of $0.847 on Thursday, gaining 15% in one day. For its part, the cryptocurrency has become the best performer among the top 100 tracked by the CNF Price Index. The token’s impressive rise stands out, especially when compared to others in the market.
Apart from the XRP surge, Hedera jumped 23%, and Cardano climbed 8%, but XRP’s significant gain comes with its surprise exponential growth that has really captured attention: first, for the scandalous history of the token; second, because of some unresolved legal issues.
Despite the recent uptick, XRP is still too far from its all-time high. The token is down 76.2% from its peak almost seven years back. A common question now being asked is whether this sudden jump indicates that XRP has entered a phase of long-term appreciation or if this is only temporary.
Gensler’s Potential Resignation Stirs Crypto Community
XRP price has jumped after rumors that Gary Gensler, the head of the U.S. Securities and Exchange Commission, might resign as early as this Friday. The Gensler resignation stirs the crypto community, given his hardline regulatory decisions against major crypto companies, such as Ripple and generally been under constant criticism from insiders within the industry.
Stuart Alderoty, the Ripple’s team lead, has particularly criticized Gensler’s leadership. Alderoty remarked:
His legacy of undermining American innovation, and failing to uphold the law is shameful.
The criticism isn’t just coming from Ripple; up to 18 conservative states – including Texas and Florida – are filing lawsuits against the SEC in attempting to hold Gensler accountable for his actions. Alderoty expressed a hope that Gensler’s tenure would soon become “an unfortunate footnote in SEC history” amid increasing legal pressure.
Ripple’s Battle Continues Despite Recent Gains
In a speech prepared for a legal conference, Gary Gensler addressed the state of the cryptocurrency market, claiming that there has been significant investor harm and stating that the vast majority of cryptocurrency tokens do not have proper use cases. His remarks emphasize the SEC’s ongoing focus on providing investors with transparency and ensuring that tokens are compliant with existing laws.
Despite these challenges, XRP’s recent performance shows that the cryptocurrency still has strong support in the market, particularly from its core followers, who are optimistic about a future victory in its ongoing legal dispute with the SEC.
As the situation continues to unfold, XRP’s potential for recovery and growth remains a topic of significant interest in the crypto world. Whether this recent surge is a temporary blip or the start of a sustained upward trend will depend largely on how the regulatory environment evolves in the coming months.
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