Here’s Why The XRP Price Surged Past $0.8 Despite The Market Dump

The XRP price has just had its biggest 24-hour surge in years to reach its highest level in over two years. Particularly, XRP surged by about 22% in a few hours to reach $0.8386. This intriguing surge has brought into focus XRP’s potential to challenge the narrative of it being dead. Ironically, this XRP surge […]

Nov 16, 2024 - 03:00

The XRP price has just had its biggest 24-hour surge in years to reach its highest level in over two years. Particularly, XRP surged by about 22% in a few hours to reach $0.8386. This intriguing surge has brought into focus XRP’s potential to challenge the narrative of it being dead.

Ironically, this XRP surge is tied to SEC Chair Gary Gensler. This is because the SEC Chair recently made an announcement hinting at what seems like a looming resignation, which seems to have fueled optimism among crypto investors.

Why Did XRP Surge Amidst Market Corrections?

SEC Chairman Gary Gensler, known for his crackdown on Ripple, XRP, and the entire crypto market, made an announcement today regarding his role in the commission. Interestingly, his remarks carried the tone of a farewell speech, reflecting on his journey with the SEC and its staff while hinting at a departure.

This doesn’t come as a surprise, as president-elect Donald Trump has made it a part of his campaign to fire Gensler after he’s sworn into office to appeal to crypto investors. Also, it aligns with the tradition of heads of institutions like the SEC to resign down when a new administration from a different political party takes office.