Ripple’s XRP token surged to its highest price level since May 2021 amid the extended crypto market rally and the announcement of U.S. Securities and Exchange Commission Chair Gary Gensler’s departure.
XRP experienced a 27.5% price increase in the 24 hours leading up to 10:35 a.m. Hong Kong time on Friday, reaching $1.39, according to The Block’s XRP price page. The crypto has risen over 150% in the past 30 days after trading around $0.5 for most of the past two years.
XRP, along with most other cryptocurrencies in the market, has benefited from the prolonged rally fueled by crypto proponent Donald Trump’s re-election as U.S. president. The Block’s GMCI 30 index, which tracks the performance of the top 30 crypto tokens on the market, is up 7.5% in the past day, indicating the ongoing positive market sentiment.
XRP's outperformance of other major cryptocurrencies appears to be further driven by Thursday's announcement of SEC Chair Gary Gensler’s departure from the regulatory agency. Gensler is expected to step down from his post at the commission on Jan. 20, 2025.
Ripple and the SEC have been in a long-standing legal battle that started in 2020, as the agency accused Ripple of raising $1.3 billion through the sale of XRP, which it viewed as an unregistered security.
Gensler led the commission in filing multiple enforcement actions against other major cryptocurrency players such as Coinbase, Binance and Kraken, earning him a reputation as a villain in the eyes of some in the industry.
"Please remember the SEC’s broader strategy: try 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," Ripple's Chief Legal Officer Stuart Alderoty wrote on X last month.
Meanwhile, investors also anticipate the potential launch of spot XRP exchange-traded funds in the U.S., with issuers 21Shares, Canary Capital and Bitwise having filed for XRP ETFs.
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