15.11.2024
Mirjan Hipolito
Cryptocurrency and stock expert
15.11.2024

XRP hits yearly high of 83 cents as Gary Gensler hints at SEC resignation

XRP hits yearly high of 83 cents as Gary Gensler hints at SEC resignation XRP surged to $0.83 — its highest level since July 2023

​On November 15th, in the morning European time, XRP surged to $0.83 — its highest level since July 2023, when a New York court ruled that the crypto asset is not a security when traded on exchanges.

This was the market's reaction to comments made by SEC Chairman Gary Gensler at the annual conference of the Institute for Practical Law on Securities Regulation.

Although Gensler did not directly mention his resignation, the event is expected in the context of Donald Trump's campaign promises. Furthermore, some of Gensler's remarks about his work at the SEC were framed in the past tense, which has been interpreted as a farewell to the position.

XRP reacted with a 20% increase, reaching a one-year high. As of now, Ripple's native coin is trading around $0.80, showing a 3% rise in 24 hours and a 43% increase over the past week.

Prospects for further growth

Many observers believe that appointing a cryptocurrency-friendly SEC Commissioner would lead to a halt in various cases against industry participants, including Ripple.

In this context, analysts are reasonably suggesting that XRP could hit $1 in the coming weeks. Moreover, the price dynamics of XRP this year have noticeably lagged behind the broader crypto market, as well as its competitors by market cap, with Ripple possibly surpassing DOGE to reclaim the sixth spot.

For four years, the U.S. Securities and Exchange Commission (SEC) has been in a legal battle with Ripple over unregistered securities sales. Initially, the regulator sought $2 billion from the XRP issuer, but over time, the fine amount dropped to $125 million. However, the legal proceedings continue, and it seems that a resolution may only be possible after the inauguration of a new U.S. president.

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