As a seasoned researcher who has navigated the tumultuous waters of the cryptocurrency market for years, I must admit that I find it fascinating to witness such intriguing developments as XRP‘s meteoric rise in the face of broader market corrections.
Over the last few hours, many cryptocurrencies have seen a minor downturn, however, Ripple‘s own currency has bucked the general trend.
XRP has blasted through its recent yearly high and has tapped an 16-month peak of roughly $0.8.
Earlier today, Bitcoin soared past $92,000, but it has since fallen approximately $4,000 and is currently struggling to stay above $88,000. Similarly, Ethereum has also dropped from its daily high, slipping below the $3,100 mark.
As a researcher, I’ve noticed a dip in the performance of popular meme coins over the past few hours. For instance, Dogecoin (DOGE) has seen a drop from approximately $0.4 to around $0.38, while Pepecoin (PEPE) has dipped down to about $0.0000215. This trend seems to be consistent across the board for these digital assets.
Contrastingly, XRP experienced an impressive surge of about 16% over the daily period. This significant increase pushed its value to reach as high as $0.8, marking the first time it had done so since early July 2023.
Today, CryptoPotato outlined several potential factors that could help XRP surpass its 2024 high of $0.74, and remarkably, it’s already managed to achieve this within a few short hours.
It appears that the most likely explanation could stem from the SEC Chair, Gary Gensler. Recent reports indicate that he may have sent a letter implying his resignation, possibly effective tomorrow.
Bye bye Gary. It seems like Gary Gensler will resign tomorrow!
SEND #XRP TO THE MOON AND BEYOND!
— JackTheRippler ©️ (@RippleXrpie) November 14, 2024
Since Donald Trump was elected as the U.S. President a week ago, there have been whispers that he might step down, given that he had pledged to dismiss Gensler on his inaugural day in office.
It’s plausible that this potential development (the departure of SEC Chair Gensler) could be the main reason behind XRP’s recent spike. For almost four years now, Ripple has been embroiled in a legal tussle with the SEC, which coincidentally began during Gensler’s tenure. His resignation might prove advantageous for Ripple and other cryptocurrency companies that faced scrutiny from the SEC under his leadership, particularly if his successor adopts a more supportive stance towards the crypto industry.
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2024-11-15 00:32