- XRP has surged to a new 2024 high, gaining 16% in a day, largely fueled by speculation that SEC Chair Gary Gensler may step down, potentially easing regulatory pressures on the cryptocurrency market.
- Despite the rally, XRP remains significantly below its all-time high, highlighting both the excitement and ongoing challenges within the crypto industry.
XRP, the seventh-largest cryptocurrency by market capitalization, has been making waves with a sharp surge, reaching a 2024 high of $0.847 on the Bitstamp exchange. As of Thursday, XRP has skyrocketed by 16% in a single day, outperforming every other token in the top 100 cryptocurrencies tracked by CoinGecko. This rally places XRP in a leading position, with Hedera (HBAR) and Stellar (XLM) trailing behind with gains of 9.5% and 6%, respectively.
Market Moves Driven by SEC Rumors
XRP’s rally seems to be propelled by speculation that U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler may step down as early as this week. Gensler, known for his rigorous stance on cryptocurrency regulation, has been a contentious figure in the crypto industry. His leadership has seen the SEC engage in numerous high-profile legal battles with major cryptocurrency companies, including Ripple, the company associated with XRP.
The legal conflict between Ripple and the SEC has drawn significant attention, with Gensler’s regulatory measures often criticized by industry insiders. Recently, Ripple’s Chief Legal Officer Stuart Alderoty voiced his criticisms, claiming that Gensler’s tenure has done “significant institutional damage to the SEC” and accusing him of “undermining American innovation.” This strong stance against the SEC has amplified the intensity surrounding XRP’s recent price spike, with investors speculating that Gensler’s possible departure could signal a shift in regulatory pressures facing XRP and other cryptocurrencies.
A Long Road to Recovery
While XRP’s recent surge is promising, it’s important to view it within a broader context. Despite its impressive rally, XRP remains 76.2% below its all-time high from nearly seven years ago. This statistic highlights the volatility that XRP has experienced, and although it is currently outperforming many other tokens, it still has significant ground to cover to reclaim its former glory.
Growing Support for Regulatory Change
The regulatory landscape for cryptocurrency may be on the verge of transformation. Beyond the individual efforts of Ripple, states like Texas and Florida have joined forces with 16 other conservative states in a legal campaign against the SEC, aiming to curtail Gensler’s influence on cryptocurrency policies. This coordinated pushback reflects a rising sentiment in parts of the U.S. that Gensler’s approach to crypto regulation has overstepped, threatening innovation within the industry.
A Symbol of the Industry’s Resilience
XRP’s recent achievements underscore the resilience and adaptability of the cryptocurrency market. The combination of legal, political, and market forces at play is transforming XRP from a symbol of regulatory contention to a potential frontrunner in the industry’s fight for regulatory clarity. For now, XRP’s ascent serves as a reminder of the rapidly changing dynamics in the crypto landscape and the potential shifts on the horizon.
