Much of the cryptocurrency market has seen a slight correction over the past few hours, but Ripple’s native token has challenged the general sentiment.
XRP broke past its recent yearly high and hit a 16-month peak of around $0.8.
Bitcoin was trading well above $92,000 earlier today, but has since lost over four thousand dollars and is now hovering below $88,000. Ethereum also retreated from its daily high, falling below $3,100.
Even the most popular meme coins have struggled in the last few hours, with DOGE falling from $0.4 to under $0.38, PEPE falling to $0.0000215, and so on.
In contrast, XRP soared 16% on a daily basis. As a result, the seventh-largest digital asset reached $0.8 for the first time since July 2023.
CryptoPotato Earlier today outlined several reasons why XRP was able to break past its 2024 high of $0.74, and it only took the token a few hours to do so.
However, the most likely reason appears to be related to current SEC Chairman Gary Gensler. Reports have surfaced on Channel X that he has sent an open letter saying he could resign from his current position as early as tomorrow.
Bye, Gary. Looks like Gary Gensler will retire tomorrow!
SEND #XRP TO THE MOON AND BEYOND! pic.twitter.com/pSSl7O2pNI
— JackTheRippler ©️ (@RippleXrpie) November 14, 2024
Rumors of his resignation have been circulating since Donald Trump won the US presidential election last week. After all, the Republican vowed to fire Gensler on his first day in office.
This potential development could indeed be the main source of XRP’s sudden rise. Ripple has been involved in a legal battle against the SEC for nearly four years—or, essentially, since Gensler took control. His resignation could be quite beneficial for Ripple and other cryptocurrency companies that were monitored by the SEC during his tenure, especially if someone with a more favorable approach to the industry takes his place.
