XRP Hits 3-Year High!

Ripple’s XRP token has surged over 27% in the past 24 hours, reaching its highest level since May 2021, following the announcement of Gary Gensler’s departure from the U.S. Securities and Exchange Commission (SEC).

XRP gained 27.5% within 24 hours, trading at $1.39 as of 10:35 a.m. Hong Kong time on Friday. The token has soared over 150% in the past 30 days, having traded around $0.5 for most of the last two years.

This rally coincides with the ongoing crypto market boom, fueled by Donald Trump’s re-election as U.S. president.

Gensler’s Exit and Legal Implications

XRP’s exceptional performance is further attributed to the announcement that Gary Gensler will step down as SEC Chair on January 20, 2025.

Ripple and the SEC have been embroiled in a legal battle since 2020, when the agency accused Ripple of raising $1.3 billion through the unregistered sale of XRP. Gensler, often criticized by the crypto industry, spearheaded enforcement actions against major platforms like Coinbase, Binance, and Kraken.

Ripple’s Chief Legal Officer Stuart Alderoty recently stated on X, “The SEC’s broader strategy is to create distraction and confusion for Ripple and the industry. But honestly, it’s just background noise now. The hard part of the fight is behind us.”

Meanwhile, anticipation grows for spot XRP exchange-traded funds (ETFs) in the U.S., with firms like 21Shares, Canary Capital, and Bitwise having already filed applications.

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