CandleFocus XRP Price Spikes to 3-Year High as Optimism Surges Over SEC Shakeup
2024-11-22
Author: Content Editor
The price of XRP, a cryptocurrency used by Ripple Labs, has surged by 20% after news that Gary Gensler, the current chairman of the US Securities and Exchange Commission (SEC), will resign from his position in January when President-elect Donald Trump takes office. XRP's price reached its highest level since May 2021 at $1.49. XRP has faced regulatory uncertainty due to a lawsuit brought by the SEC, which alleged that XRP is a security. However, a federal judge ruled that the token is "not necessarily a security on its face." Investors hope that a change in SEC leadership will bring a more favorable regulatory environment for XRP. The increased optimism surrounding XRP is also driven by the potential for a cryptocurrency-friendly environment under the new administration.
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