The news that the XRP community has been waiting for has arrived, and yesterday US SEC Chairman Gary Gensler announced that he will resign.
Following this news, the XRP price surged by as much as 26% within hours. XRP reached $1.43, levels seen during the 2021 bull rally.
XRP, which surged after Gensler’s resignation announcement, reached its highest price level since May 2021. Having traded around $0.5 for most of the last two years, XRP has risen by over 150% in the last 30 days.
Analysts say the news that cryptocurrency advocate Paul Atkins will replace Gensler as SEC Chairman could further fuel the XRP rally.
At this point, popular crypto analyst Ali Martinez Ali Martinez suggested that Gensler’s departure from the SEC would be a significant turning point for Ripple and could ease regulatory pressures on the company.
The analyst also noted that the XRP rally could continue to $2.
“SEC Chairman Gary Gensler resigning is the best thing that could happen to Ripple.
Now, XRP is targeting $2!”
It was also stated that the spot XRP ETF could be approved in 2025 after former SEC member Paul Atkins was appointed as SEC Chairman.
Gary Gensler has become a notorious villain in the crypto space for leading the SEC’s delays of Bitcoin and Ethereum ETFs, as well as filing numerous lawsuits against XRP and other major crypto players like Coinbase, Binance, and Kraken.
*This is not investment advice.