As of the time of writing this article, Ripple's XRP has risen by more than 26%, with the trading price approaching $1.39. At the same time, the price of Bitcoin is also constantly approaching the $100,000 mark.
Previously, U.S. Securities and Exchange Commission Chairman Gary Gensler announced that he will step down on January 20, the day of Trump's inauguration. Although Gensler's term will continue until 2026, it is normal for the head of an institution to resign after a new government takes office.
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Can XRP set a new high?
If XRP successfully breaks through the $1.40 mark, it may quickly rise to the $2 level. Although there may be some resistance before reaching $2, XRP's all-time high (ATH) is $3.30.
It remains to be seen whether the rebound triggered by Gensler's resignation will drive XRP to break through the ATH and set a new high. Bitcoin has also risen by more than 4% in the past 24 hours. The largest cryptocurrency is slightly above the critical $98,000 mark, making everyone feel tense.
Gensler's resignation - a victory for the crypto industry?
As Gensler resigns, the political tide is turning to support cryptocurrencies. With the growing influence of cryptocurrency supporters such as Donald Trump, Robert F. Kennedy, and Vivek Ramaswamy, the trend of the cryptocurrency environment shifting towards a more supportive direction is becoming increasingly evident. Trump had previously stated that he would fire Gensler, who is known for his skeptical attitude towards cryptocurrencies, on the first day of his presidency.
This could be a major victory for the cryptocurrency field, especially considering Gensler's aggressive stance towards the industry. His tenure was marked by controversial rulemaking and an aggressive attitude towards cryptocurrencies, making him a symbol of the government's hostility towards cryptocurrencies in the eyes of many.
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