Ripple’s XRP and Bitcoin: Riding the Wave of Market Momentum
In a dynamic turn of events, Ripple’s XRP has witnessed a significant surge, climbing over eight percent and approaching the $1.20 mark. Simultaneously, Bitcoin is making a robust upward movement, edging closer to the monumental $100,000 threshold. These market shifts follow the announcement by Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), of his resignation effective January 20, coinciding with the inauguration of President-elect Donald Trump. Gensler’s departure comes earlier than his term’s scheduled end in 2026, aligning with the customary transition of agency leadership during new administrations.
Can XRP Reach New All-Time Highs?
As investors eagerly watch the market, the focus is on whether XRP can surpass the $1.30 resistance level and potentially climb towards the $2 milestone. While XRP might encounter some resistance on its path to $2, the cryptocurrency’s all-time high (ATH) stands at $3.30. The question remains if this bullish momentum, spurred by the news of Gensler’s resignation, will be the catalyst that propels XRP beyond its previous highs, setting new records in the process. Meanwhile, Bitcoin has also recorded an impressive gain of more than four percent in the past 24 hours, maintaining its position just above the critical $98,000 level.
Gensler’s Departure: A Boon for the Crypto Industry?
The resignation of Gary Gensler happens amidst a shifting political landscape that appears increasingly favorable for the cryptocurrency sector. With influential pro-crypto figures like Donald Trump, Robert F. Kennedy Jr., and Vivek Ramaswamy gaining traction, the prospects for a more supportive regulatory environment for digital currencies are becoming more apparent. Trump had previously indicated his intent to remove Gensler, known for his critical stance on cryptocurrencies, on his first day in office.
Industry experts view Gensler’s exit as a significant victory for the crypto community, particularly in light of his aggressive regulatory approach during his tenure. Gensler’s time at the SEC was marked by contentious rule-making and a confrontational stance towards the cryptocurrency industry, positioning him as a figurehead of what many perceived as governmental opposition to digital assets.
As the cryptocurrency market responds to these developments, the coming months will be pivotal in determining whether the newfound regulatory climate will indeed foster growth and innovation within the industry.
