As a seasoned crypto investor with over a decade of experience in this wild and unpredictable world of digital assets, I must say that the recent surge in XRP following Gary Gensler’s announcement to step down from his SEC position has certainly caught my attention.
TL:DR;
- Current SEC Chair Gary Gensler’s decision to move away from the agency pushed XRP to new local peaks of well above $1.4.
- Ripple’s vocal community was quick to celebrate the development by outlining future price targets, some of which were quite outrageous, to say the least.
Yesterday evening, CryptoPotato shared news about Chair Gensler’s announcement. He stated that he plans to leave his position on the day Donald Trump is sworn in as the 47th President of the United States, which will take place on January 20, 2025.
Despite being somewhat anticipated, the news about the ongoing lawsuits between the company managing XRP and Gensler’s Commission sparked a significant surge in XRP prices.
Initially, Ripple’s native token experienced a 5% increase, but it continued to escalate in subsequent hours, surpassing $1.4 for the first time since May 2021. Consequently, XRP has gained more than 26%, making it the top performer among larger digital assets.
The community hailed Gensler’s decision, as he was often seen as an industry adversary due to his skepticism about the safety of various assets and his involvement in contentious legal disputes.
Additionally, members of the Ripple community shared their thoughts on the issue, particularly focusing on XRP’s growth spike. As is customary among them, numerous individuals put forth optimistic predictions for the coin’s future value, such as a potential increase to $5 and even up to $30.
If the value of #XRP finishes the current monthly chart near $2, this represents a 288% increase, similar to its surge in March 2017. If this trend persists, we can expect it to close around $5 by December and potentially reach $30 by January 2025.
— CryptoBull (@CryptoBull2020) November 22, 2024
To clarify, if XRP were to reach a price of $5 per token, its market capitalization would be an impressive $285 billion, positioning it among the world’s most valuable assets, not just in crypto. On the other hand, should the price reach $30, XRP’s market cap would balloon to a staggering $1.7 trillion – almost equaling Bitcoin‘s current value. This implies that XRP could potentially enter the top 10 largest assets by this measure, which sounds enticing but seems rather unlikely at present.
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2024-11-22 09:24