Ripple (XRP) has experienced a significant surge over the past day, climbing over 15% to reach $0.8452, a price point not seen since 2021.
This surge coincided with hints from the SEC’s Gary Gensler about a possible resignation, the potential introduction of an XRP ETF during Donald Trump’s administration, and the upcoming launch of Ripple’s stablecoin, RLUSD.
XRP has been largely trading on the sideline for several months, caught in a tough fight with the United States Securities and Exchange Commission (SEC). However, the Ripple coin has jumped 45.74% in the last week, rising from $0.54 to nearly $1.
As of the latest updates, XRP stands as the leading gainer among the top 20 cryptocurrencies, significantly outshining other major coins, most of which are currently declining.
Speculation regarding Gary Gensler’s resignation grows
The XRP token saw a significant value increase due to speculation that SEC Chair Gary Gensler may step down today. His recent remarks for the 56th Annual Institute on Securities Regulation hinted at this potential outcome.
Gensler stated that the cryptocurrency market had harmed investors considerably. He also claimed that “the vast majority” of cryptocurrency tokens lack legitimate use cases.
As usual, he clarified that Bitcoin is not classified as a security, and the Commission has never regarded it as one. Nonetheless, the chair asserted that the Commission’s attention has been directed toward at least 10,000 other digital assets.
“I’ve been proud to serve with my colleagues at the SEC who, day in and day out, work to protect American families on the highways of finance,” he said while concluding his remarks.
John E Deaton, a legal expert and cryptocurrency advocate, speculates that Gensler may resign as early as today, Friday.
SEC’s Gary Gensler’s resignation rumors | John E Deaton on X
Although Gensler’s term is set to conclude in June 2025, it is anticipated that he will either resign soon or be dismissed by Donald Trump when the newly elected president takes office.
18 Republican attorneys general file lawsuit against the SEC
Meanwhile, anticipation continues to grow following the lawsuit filed by eighteen Republican attorneys general against the U.S. Securities and Exchange Commission.
The lawsuit alleges that the agency has exceeded its authority in regulating digital assets at the state level, as stated in a court document from Thursday.
🚨SCOOP: 18 U.S. states have filed to sue the @SECGov and its commissioners, accusing them of unconstitutional overreach and unfair persecution of the #crypto industry under the leadership of agency chief @GaryGensler.
The lawsuit, signed by 18 Republican Attorneys General,… pic.twitter.com/wxOovuIRQH
— Eleanor Terrett (@EleanorTerrett) November 14, 2024
This lawsuit, supported by the DeFi Education Fund, argues that the SEC’s regulatory methods harm the industry. Therefore, they requested the court to rule that a “digital asset transaction is not an investment contract” and to instruct the SEC to refrain from pursuing future legal actions against crypto firms.
Read more: After Crypto.com, Bitnomial Sues US SEC, Says XRP Is Not an Investment Contract
XRP/USD: Ripple price analysis
The XRPUSD chart presents a strong buy signal based on the combined oscillators and moving averages analysis. This suggests a bullish trend and potential for further XRP price increases. Ripple currently trades for $0.8005, with a $45.46 billion market capitalization and over $11.06 billion trading volume over the last 24 hours.
XRP/USD daily price chart | TradingView
TradingView data at press time shows the overall rating is “Strong Buy,” with 16 Buy signals, 9 Neutral, and only 1 Sell, indicating strong upward momentum and buying pressure.
Oscillators are mostly neutral, meaning that the current momentum is neither strongly overbought nor oversold. With 8 Neutral, 2 Buy, and only 1 Sell signal, oscillators suggest a balanced view but lean slightly toward buying. The Commodity Channel Index (CCI) is the only oscillator signaling “Sell,” potentially pointing to a cautionary signal for overbought conditions.
Both exponential and simple moving averages across different timeframes are in “Buy” territory, suggesting sustained price support and bullish sentiment.
Read more: Ripple News Today: Will XRP Price Surge to ATH Like Bitcoin?
