XRP Surges 20% Within Hours Amid Speculation of Gary Gensler’s Resignation

News of SEC Chairman Gary Gensler’s possible resignation has sent shockwaves through the crypto industry.

Gary Gensler expressed his gratitude to the SEC staff and highlighted his time at the agency. The statement sparked speculation that he might be leaving his post.

Many interpreted the message as a farewell, especially with the phrase “It was an honor to serve with them,” hinting at his possible resignation. Notably, the news comes just after the 2024 US presidential election, where former President Donald Trump – who has been publicly critical of Gensler’s stance on crypto regulation – was re-elected.

Trump had previously said he would fire Gensler on his first day back in office, raising questions about whether Gensler was considering resigning to avoid this.

XRP is on a strong growth trajectory

Following the news, XRP’s price surged 20%, hitting $0.83 — its highest since July 2023. The SEC’s lawsuit against Ripple remains one of the biggest points of contention in the crypto space, with Ripple and the XRP community arguing that the SEC’s classification of XRP as a security is flawed and hurts innovation. A change in SEC leadership could lead to a re-examination of the case, which has been ongoing since December 2020.

The excitement in the crypto community is palpable, and many expect XRP’s price to continue to rise. President-elect Trump has made several key government appointments over the past week, and if Gensler steps down as SEC Chairman, Trump could be quick to announce his new pick for the position.

Ripple CEO Brad Garlinghouse has suggested three potential candidates for the role. If Gensler steps down sooner than expected, it could accelerate market growth and potentially end the SEC’s legal battles against Ripple and other blockchain companies.