• XRP hit a new 2024 high amid rumors of SEC Chair Gary Gensler’s potential resignation
• Gensler’s remarks suggest his resignation could happen as soon as this Friday
• The controversial XRP token rallied over 10% in the last 24 hours, significantly outperforming other major cryptocurrencies
The controversial XRP cryptocurrency has surged over 10% in the last 24 hours, hitting a new 2024 high of $0.7734 earlier today. XRP is significantly outperforming other major cryptocurrencies, becoming the top gainer in the top 10.
XRP Rallies Amid Speculation About Gensler’s Impending Resignation
The token’s double-digit rally comes amid rumors that SEC Chair Gary Gensler might resign as soon as this Friday.
Gensler has been a controversial figure in the crypto space. In his recent remarks prepared for a legal conference, he stated there had been “significant investor harm” in the cryptocurrency field. He has also argued most cryptocurrency tokens lack proper use cases.
Once again, Gensler stressed the importance of providing the public with proper disclosure. The SEC boss said various courts have agreed with the agency’s actions to protect investors, citing cases like SEC v. Binance, SEC v. Coinbase, and SEC v. Ripple Labs.
At the same time, Gensler recalled that Bitcoin and Ethereum ETFs were approved under his watch.
Signs Point to Gensler’s Imminent Resignation
The language of Gensler’s final pitch suggests his resignation is extremely close. “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 in concluding his remarks.
John E. Deaton, a legal expert and crypto activist, believes Gensler might resign as soon as this Friday. While Gensler’s term runs until June 2025, he is expected to step down much sooner.
XRP Price Reacts
The rumors of Gensler’s impending resignation have been taken as a positive sign for XRP. The token’s significant gains show investors believe the regulatory pressure on XRP may ease without Gensler at the helm of the SEC.
However, it remains to be seen whether a new SEC chair would take a different stance on XRP and the agency’s ongoing lawsuit against Ripple Labs. The case has dragged on for years without a clear resolution.
For now, the rumors are fueling a surge in XRP, allowing it to outpace the gains of Bitcoin, Ethereum, and other top cryptocurrencies. XRP holders are hopeful the token’s bull run will continue if Gensler does indeed resign this week.
