On Thursday, the price of XRP surged to an impressive $1.41, marking its highest trading value in over three years. This significant rise is closely linked to shifts in the regulatory environment in the United States, influenced by the incoming administration of President-elect Donald Trump. During his campaign, Trump made a commitment to establish America as the “crypto capital of the world,” a pledge that is already making waves in the market well ahead of his inauguration on January 20, 2025.
Gensler Announces Departure from SEC on Inauguration Day
In recent weeks, the cryptocurrency market has experienced a remarkable upward trend, led by Bitcoin achieving consecutive all-time highs. This positive momentum has been buoyed by the optimistic sentiment surrounding Trump’s pro-crypto promises, which are expected to pave the way for a more favorable environment for digital assets.
At the heart of this optimism is the anticipated departure of Gary Gensler, the current chair of the US Securities and Exchange Commission (SEC). Gensler has faced criticism for maintaining an unclear regulatory framework that many argue has hindered the growth of cryptocurrencies in the United States. For XRP and Ripple Labs, this scrutiny has been especially intense over the past four years under the Biden administration. Trump had previously vowed to remove Gensler from his position, a move seen by many in the crypto community as a crucial step toward establishing clearer regulations.
On the very day of Trump’s anticipated inauguration, Gensler confirmed that January 20, 2025, will mark his last day at the SEC. His resignation forestalls what many experts speculated could have been a contentious conflict if he had remained in office while Trump sought to replace him.
XRP Price Rockets Nearly 30% in a Single Day
The evolving regulatory landscape in the United States has contributed to an increasingly optimistic outlook for digital assets, as evidenced by XRP’s price movements. In the past 24 hours alone, XRP has recorded gains of nearly 30%, and over the past week, it has increased by more than 70%.
Crypto analyst Ali Martinez recently shared his insights on X (formerly Twitter), suggesting that Gensler’s departure could prove highly advantageous for both Ripple Labs and the XRP price. He believes that XRP is now setting its sights on a $2 target.
Another analyst, known as CrediBull, mirrored this perspective, noting that XRP’s monthly Relative Strength Index (RSI) is approaching overbought territory for the first time in three years. The analyst highlighted that a higher RSI typically signifies stronger momentum and bullish prospects for the asset, assuming no bearish divergences are present. CrediBull suggested that the next significant target for XRP is $2, with hopes for new all-time highs beyond that.
At present, the token’s all-time high remains at $3.04, reached nearly seven years ago in January 2018. This indicates that the XRP price could be on the verge of a substantial 150% uptrend in the coming months.
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