Token

when

XRP token used in the Ripple network <a href="https://www.theblock.co/post/327793/xrp-surges-to-hit-3-year-high-as-gensler-announces-sec-departure" rel="nofollow noopener" target="_blank">reportedly</a> jumped by 27% within one day and hit $1.39 for the first time since May 2021. This increase occurred at a time when the market for cryptocurrencies was becoming more positive and when the head of the US Securities and Exchange Commission, Gary Genzler, announced his readiness to leave his post in January 2025. 
<a href="https://www.qubetics.com/?utm_source=TBJ&amp;utm_medium=Ripple%E2%80%99s+XRP+Token+Is+Exploding+By+27%25+and+Here%E2%80%99s+Why+You+Should+Care" rel="nofollow noopener" target="_blank"><img loading="lazy" loading="lazy" decoding="async" class="wp-image-67567 size-full" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/11/Qubetics-is-728x90-1-3.jpg" alt="XRP Token" width="728" height="90" title="Ripple’s XRP Token Is Exploding By 27% and Here’s Why You Should Care 48"></a> 
New research from The Block indicated that XRP token gained more than 150 percent in the last month, and its value has been almost frozen at $0.50 for twenty-four months. This rally is a sentiment changer in regards to XRP and the future of the crypto market. 
The Block’s GMCI 30 index that includes the most popular coins increased by 7.5% in the past 24 hours. The recent gains in XRP token have been, in the view of market analysts, resultant of the changing regulations and by the inauguration of a pro-crypto U.S. president in the White House, Donald Trump. 
Crypto Analytics senior analyst Bradley Knox echoed the same sentiments saying that, “XRP price trajectory definitely shows a more bullish outlook on investors part.” Long term stay has provided a good opportunity for recovery. 
<h2 style="font-weight: 400;" id="strong-gensler-s-exit-sparks-hope-strong">Gensler’s Exit Sparks Hope&nbsp;</h2> 
The appointment of Gary Gensler as a chief of this committee and his resignation after January 20, 2025, has acted as fuel that has propelled the XRP token high. Some of the cryptos that faced massive enforcement actions under Gensler’s Regulation were Ripple, Binance, and Coinbase. 
Ripple’s problems with the SEC started in 2020 when the agency accused Ripple of listing and selling XRP unregistered security worth $1.3 billion. Another person of significance in this case and other similar cases was Gensler. 
<figure id="attachment_70957" aria-describedby="caption-attachment-70957" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" loading="lazy" decoding="async" class="wp-image-70957 size-full" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/11/24DE2B5F-E607-4A68-BD2B-320D1F822B9E.webp" alt="XRP Token" width="1792" height="1024" title="Ripple’s XRP Token Is Exploding By 27% and Here’s Why You Should Care 49">
 <figcaption id="caption-attachment-70957" class="wp-caption-text">
 XRP Token
 </figcaption>
</figure> 
Ripple’s SVP and Chief Legal Officer, Stuart Alderoty pointed to this changing regulatory dynamics last month when he said, “The SEC’s broader plan is to put out disinformation as to Ripple and the crypto industry. But the toughest battle in the fight is over.” 
Some of the members of the crypto community have considered Gensler too over-protective of the cryptocurrency market. 
<h2 style="font-weight: 400;" id="strong-speculation-surrounding-xrp-etfs-strong">Speculation Surrounding XRP ETFs&nbsp;</h2> 
Yet another reason behind the XRP rate increase is the rumours about the possible introduction of physical and digital spot exchange-traded funds (ETFs) linked to the XRP token asset in the United States. Some financial companies like 21Shares and Bitwise have already applied for the licenses at the SEC. 
These spot ETFs are regarded as a big innovation in the cryptocurrency market because they give traditional investors a way to invest in the markets without having to own the assets themselves. 
<figure id="attachment_70960" aria-describedby="caption-attachment-70960" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" loading="lazy" decoding="async" class="wp-image-70960" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/11/A03B9C88-8719-4FF1-A9B1-CBA578D7F8F9-300x158.jpeg" alt="XRP Token" width="1200" height="633" title="Ripple’s XRP Token Is Exploding By 27% and Here’s Why You Should Care 50">
 <figcaption id="caption-attachment-70960" class="wp-caption-text">
 XRP Token
 </figcaption>
</figure> 
Market participants argue that the legal atmosphere could turn favorable for such ETFs once the Gensler regime is out of the picture. 
“The ability of XRP ETF to pick up under a less vigilant SEC could put doors for institutional investors, which could further enhance demand,” stated crypto market strategist Dana Everett. 
<h2 style="font-weight: 400;" id="strong-ripple-s-legal-victory-boosts-confidence-strong">Ripple’s Legal Victory Boosts Confidence&nbsp;</h2> 
The company has also benefited from a partial legal win against the SEC this year, although such reasoning is speculative. A U.S. district court has stated that sales of XRP tokens to the retail public were not securities, which was considered to be in favour of Ripple and the crypto market. 
This ruling along with Gensler’s resignation has boosted confidence amongst investors who have been eagerly waiting for regulatory green light. 
Crypto-related persons and industry stakeholders expect that these events will bring about better regulation approaches. Such optimism has spread to other virtual currencies, but stellar performance has been recorded in the XRP token. 
<h2 style="font-weight: 400;" id="strong-conclusion-on-xrp-token-surge-strong">Conclusion on XRP Token Surge</h2> 
The digital currency subordinate of Ripple is XRP token which has turned out to be among the best overall type of investments in the cryptographic money division due to accommodating changes in rules and expectations. The 27% increase to a three-year high of $1.39 signals revived investor confidence as Gary Gensler plans to leave from the SEC Chair office. 
However, with a possibility of XRP spot ETFs approvals in the future, and the current regulatory position, one might expect the token to continue rising. But market experts are not that optimistic, and they claim that for more robust growth more regulatory certainty and better macroeconomic surroundings are needed. 
XRP token has produced an incredible performance which demonstrates the importance of regulatory shifts in defining the prospects of digital currencies and putting in an exciting year ahead for Ripple and other cryptocurrencies. Keep following <a href="https://thebitjournal.com/">TheBITJournal</a> and keep an eye on XRP token price. 
Follow us on <a href="https://twitter.com/Thebitjournal_" rel="nofollow noopener" target="_blank">Twitter</a> and <a href="https://www.linkedin.com/company/the-bit-journal/" rel="nofollow noopener" target="_blank">LinkedIn</a> and join our <a href="https://t.me/thebitjournal" rel="nofollow" target="_blank">Telegram</a> channel to be instantly informed about breaking news!

Ripple’s XRP Token Is Exploding By 27% and Here’s Why You Should Care

Table of Contents

The Bit Journal

Other articles published on Nov 22, 2024

Crypto Lawsuits May Fade Away as SEC Leadership Changes

Solana’s New High Puts Spotlight on TAI and Infrastructure Tokens

Pantera believes that SEC lawsuits will go away after Gensler resigns

MicroStrategy Completes $3B Note Offering to Acquire More Bitcoin but MSTR Dumps 16%

Weekly Article Recap: 11/04-11/08

These 5 Solana Memecoins are 2024 Bull Run’s Biggest Gainers

Join our free newsletter for daily crypto updates!