New boost for XRP as Gary Gensler announces departure from SEC

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Last Updated on 23 November 2024 by CryptoTips.eu

One of the biggest winners this week was XRP, the cryptocurrency issued by Californian Ripple Labs. When we first talked about XRP’s remarkable rise since Donald Trump’s victory on November 7, the coin was trading just above $1. Meanwhile, one week later, it is almost 50% higher. How does this happen?

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SEC

‘On day One I will fire Gary Gensler’. That was the promise that Donald Trump made to a large audience of crypto fans in Nashville in July this year during the Bitcoin 2024 conference there.

Trump himself was clearly shocked by the response. The enthusiastic audience gave him a standing ovation and a very loud applause, after which he repeated the quote again.

Gensler, the head of the American stock exchange watchdog SEC, started several lawsuits against crypto companies in the past four years and was therefore not very popular among crypto fans. The lawsuit against Ripple Labs, which issued the XRP coin, in particular caused bad blood. Because that case already started in 2020, XRP missed the very large price increase of the crypto market in 2021 and part of 2022. So some XRP hodlers think they missed profits because of Gensler and his team.

Ripple Labs CEO Brad Garlinghouse is also convinced of this.

Dismissal

Gary Gensler has decided not to wait for a possible resignation by the new president’s team and announced in a letter this week that he will resign on January 20, one day before Trump officially starts his term of office.

XRP is reacting euphorically and according to some analysts, a price of $2 before the end of the year is not impossible.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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