XRP Price Surge: Speculation Mounts as Gary Gensler’s Potential Resignation Sparks Optimism
- XRP Price Reached Six-Month High, Soaring to $0.81 Amid Market Optimism.
- In the Past 24 Hours, XRP Price Surges 15%, Signaling Strong Market Sentiment Shift.
- XRP Whale Activity Increases as 105 million XRP Tokens, Worth $76.5 Million, Are Transferred.
XRP crypto witnessed a massive price on the back of SEC chairman Gary Gensler’s resignation. The seventh-ranked token witnessed a shift in momentum, reaching a six-month high of $0.81 at the time of writing according to CoinMarketCap.
The suspected resignation speculation by SEC Chair Gensler has now fuelled optimism and investors now anticipate a more favourable regulatory environment under Donald Trump’s leadership.
Is Gary Gensler’s unexpected resignation the real reason for XRP Price Rise?
Gensler and XRP had been at logger heads for most part of year and year-and-a-half. This news has definitely revived the crypto momentum, and many hope to see pro-crypto regulatory changes that could benefit Ripple and XRP.
Additionally, President-elect Donald Trump had announced on 14 November has announced his former chair of the Securities and Exchange Commission, Jay Clayton, will serve as US Attorney for the Southern District of New York. Trump spoke highly of Clayton in the Nov. 14 announcement on social media platform Truth Social, noting that he has been a “highly respected business leader, counsel, and public servant.”
In addition, XRP price rally coincides with a favorable ruling for Ripple in its ongoing XRP lawsuit. In a recent decision, a U.S. court granted Ripple Labs and its CEO, Brad Garlinghouse, a judgment and stay on class claims filed against them. This ruling reflects a legal victory for Ripple and its executives, allowing them to move toward a final resolution while temporarily halting specific claims.
Whale Movements Signal Potential XRP crypto Accumulation
In a parallel development, substantial XRP whale activity has been observed, adding further intrigue to the XRP price movement. A transfer of 105 million XRP tokens, valued at approximately $76.5 million, was executed from Binance to an unknown wallet. Such large-scale transfers are signs of potential accumulation, indicating that investors are holding XRP for longer-term gains.
The movement of XRP from exchanges to private wallets reduces its immediate availability for trading, which can amplify upward price pressure if demand continues to grow. This reduction in liquid supply, combined with the favourable regulatory development could set XRP price for further upward momentum.
At press time, Ripple stands at $0.83, marking a 21.70% surge over the past 24 hours. This rally has pushed its market cap to $47.45 billion, followed by increased trading volume, now at $8.04 billion. According to the latest XRP prediction, the Ripple token may rally to $1.5 after breaking out from a 40-month symmetrical triangle.
