XRP Price Surges to $1.41 Amid Regulatory Changes and Gensler’s Departure
On Thursday, the XRP price reached $1.41, its highest value in over three years, coinciding with a changing regulatory environment in the U.S. This shift is influenced by the anticipated administration of President-elect Donald Trump, who has promised to make the U.S. the "crypto capital of the world," a sentiment that is gaining traction among market participants ahead of his inauguration on January 20, 2025.
Gensler's Departure from SEC
The cryptocurrency market has recently experienced an uptrend, with Bitcoin achieving consecutive all-time highs. This momentum is partly due to positive sentiment surrounding Trump's pro-crypto commitments, which are expected to create a more favorable environment for digital assets.
The anticipated exit of Gary Gensler, the current chair of the U.S. Securities and Exchange Commission (SEC), contributes to this optimism. Gensler has faced criticism for creating an unclear regulatory framework that many believe has hindered the growth of cryptocurrencies in the U.S. His scrutiny of XRP and Ripple Labs has been particularly evident over the past four years under the Biden administration. Trump has previously stated intentions to remove Gensler, a move viewed as essential for clearer regulations.
Gensler confirmed that January 20, 2025, will be his last day at the SEC, avoiding potential conflict with Trump's administration regarding his position.
XRP Price Surge
The evolving regulatory landscape has positively impacted digital asset outlooks, reflected in XRP's price movements. In the past 24 hours, XRP gained nearly 30%, with over a 70% increase in the past week.
Crypto analyst Ali Martinez indicated on X (formerly Twitter) that Gensler's exit could significantly benefit Ripple Labs and the XRP price, predicting a target of $2. Another analyst, CrediBull, noted that XRP's monthly Relative Strength Index (RSI) is nearing overbought levels for the first time in three years. A higher RSI typically signals stronger momentum and bullish prospects, absent bearish divergences. CrediBull suggested that XRP's next significant target is $2, with aspirations for new all-time highs thereafter.
The current all-time high for XRP stands at $3.04, reached nearly seven years ago in January 2018, indicating a potential 150% uptrend for the token in the coming months.
Featured image from DALL-E, chart from TradingView.com