30s Summary
The departure of SEC Chairman, Gary Gensler, prompted speculation of a more lenient cryptocurrency environment and boosted XRP’s prices by 25%.
, Despite Ripple Labs’ legal issues in 2020, XRP’s value has increased by 150% in the past month and may reach a price of $1.40.
, Trump’s 2024 victory and potential new crypto policies have furthered positive sentiment.
, XRP and Dogecoin reported higher trading volumes than Bitcoin, indicating market demand and anticipation for further unpredictability.
Full Article
XRP, a popular cryptocurrency linked to the company Ripple Labs, saw a big boost recently due to the news of Chairman Gary Gensler’s upcoming departure from The U.S. Securities and Exchange Commission (SEC). The news led many to speculate a potentially more lenient environment for cryptocurrencies in the US, leading XRP’s prices to surge by 25% in just 24 hours.
Ripple Labs, known for its payment solutions, was under scrutiny from the SEC since 2020 for supposedly selling XRP as a security to U.S. investors. However, they managed to clear their complicated court case in 2024, putting the focus back on XRP, a significant token valued at $77 billion in market capitalization.
Over the past week, XRP’s value increased by 65%, and in the past month, it saw a staggering 150% increase. Short-term forecasts from CoinDesk market analysts predict XRP could reach a price of $1.40.
Crypto enthusiasts viewed Donald Trump’s 2024 election victory positively due to his past support for cryptocurrencies. They’re hoping his administration will bring about new policies encouraging the growth of the crypto industry. Some traders in the US are also banking on the potential for an XRP exchange-traded fund (ETF).
Interestingly, XRP with Dogecoin (DOGE), another popular digital currency, reported higher trading volumes than the typically leading bitcoin, on South Korean exchanges, signaling high demand. Additionally, XRP and US dollar open interest have reached record levels with over 2 billion tokens (worth more than $2 billion at their current prices) in futures positions, suggesting anticipation for further market unpredictability.