Ripple’s XRP token has soared to its highest price since May 2021, reaching $1.40, a 26.71% jump in just 24 hours, driven by the ongoing cryptocurrency rally and the news of U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler’s upcoming departure.
The price surge is part of a larger trend, with XRP up over 164% in the last month alone, compared to its usual price of around $0.53 for most of the past two years.
This rally is fueled by the broader market sentiment, particularly after Donald Trump’s re-election announcement as U.S. president. The GMCI 30 index, tracking the top 30 cryptocurrencies, has also seen a 7.5% gain recently.
The news of Gensler stepping down from his role at the SEC in January 2025 seems to have further boosted XRP’s performance. Ripple has been locked in a legal battle with the SEC since 2020, with the agency accusing the company of selling XRP as an unregistered security.
Gensler’s tough stance on crypto, including actions against major platforms like Coinbase and Binance, earned him a controversial reputation within the industry.
With the legal battle now seemingly behind them, Ripple’s Chief Legal Officer, Stuart Alderoty, expressed confidence that the worst is over. Investors are also eyeing the potential launch of spot XRP exchange-traded funds (ETFs) in the U.S., adding further optimism for the future of XRP.
