Ripple's XRP Surges, Outperforming Major Cryptos

Ripple's native cryptocurrency, XRP, has emerged as the top gainer among the top 100 cryptos, breaking through the coveted $0.80 price level. In contrast, Bitcoin (BTC) and Dogecoin (DOGE) have experienced significant drops of over 2% and 7%, respectively, within the last 24 hours.

XRP's meteoric rise follows hints from SEC Chair Gary Gensler regarding his impending departure during a recent speech. Gensler acknowledged the conclusion of his tenure as President-elect Trump prepares to assume office. Market analysts suggest that a Trump-led administration may prioritize crypto-friendly policies, potentially favoring U.S.-based projects such as Ripple and Uniswap.

XRP's Impressive Performance

Within the past 24 hours, XRP's price has soared by over 19%, propelling it to record a new recent high. At the time of writing, XRP trades at an average price of $0.81, having reached a peak of $0.84 earlier in the day. Its 24-hour trading volume has witnessed a significant increase of 72%, amounting to $11.13 billion. In just 7 days, XRP has surged by approximately 50%, reaching levels last observed in June 2023.

Data compiled by CoinGlass reveals that over $12.21 million worth of bets placed on XRP price fluctuations were liquidated within a mere 12 hours. Notably, around $6.5 million worth of liquidated bets (53%) were short positions. This indicates that traders generally anticipated a price decline, but recent developments have favored XRP.

Market Dynamics

Despite the positive performance of XRP, the global crypto market has experienced a decline, with most indexes showing red. The total crypto market capitalization has dropped by 3% to stand at $2.9 trillion, with a trading volume of $226 billion.

Santiment's data highlights that whale wallets holding at least 1 million XRP have reached their highest levels since June 2018. These wallets now collectively hold approximately 45.61 billion tokens. Additionally, whale and shark wallets have reportedly accumulated an additional 3.44 billion XRP in the last two years.

SEC Chair Gensler's Impending Departure

SEC Chair Gary Gensler's days at the agency may be numbered. In a recent speech, he hinted at his imminent departure, signaling a potential shift in the regulatory landscape for crypto. With President-elect Trump's recent election, it is likely that Gensler's tenure at the SEC will conclude shortly.

While Trump lacks the authority to dismiss the chair, he possesses the ability to demote Gensler and appoint a new chair, a common practice among incoming administrations. Gensler has been recognized for his unwavering stance against crypto, with over half of all crypto enforcement actions since 2015 occurring during his tenure.

The crypto industry has witnessed Gensler's expansive interpretation of authority, leading to lawsuits against numerous major projects and companies. However, his recent statements indicate a desire to move on. Gensler expressed pride in his SEC colleagues, who "protect American families on the highways of finance."

In a significant development, 18 U.S. states have filed lawsuits against the SEC, alleging unconstitutional overreach in its aggressive crackdown on the crypto industry. Led by Kentucky AG Russell Coleman, the complaint challenges the commission's broad interpretation of securities law.