Ripple (XRP) Skyrockets by 120% This Month as SEC Chair Gary Gensler Announces Resignation

Ripple is unquestionably one of the best-performing cryptocurrencies of the month. Overall, XRP saw a surge of over 120% in value since the start of November.

Ripple (XRP) has seen a stellar performance this month, with a surge of over 120% in value since the start of November. This growth led to the currency regaining historical key levels, breaking the 1-dollar mark, and then the $1.10 zone on November 16th. Today, XRP broke yet another level, surpassing the $1.20 margin for the first time in 3 years.

Out of the top 10 cryptocurrencies by market capitalization, XRP is the second-best performing asset of the day, only behind Ethereum. Today’s rally saw an 8% increase in value, with XRP currently trading at $1.21.

Gary Gensler, the Chairman of the Securities and Exchange Commission, announced that he will be stepping down from the position on January 20, 2025. This development is particularly significant for the cryptocurrency sector.

During his tenure as SEC Chair, Gensler initiated several legal battles with cryptocurrency projects. Discussions regarding his intention to classify altcoins as securities commenced around the time Ethereum transitioned into a staking consensus mechanism. From that point onward, Gensler continued to engage in disputes with cryptocurrencies.

One of the entities heavily affected by these actions was Ripple, which fully dedicated itself to defending XRP and fought a 4-year-long lawsuit to assert that XRP is not a security. The uncertainty surrounding the SEC's classification of XRP prompted many investors to sell their holdings, anticipating a potential collapse of XRP with any legal decision that went against Ripple.

However, with Gensler stepping down and the prospect of a more “pro-crypto” SEC Chair, the possibility of XRP continuing its rapid surge toward the top remains strong.

Current RSI indicators show that XRP is far above “overbought” levels, suggesting that a correction might occur in the future. However, indicators fail to analyze the context behind 'why' assets are performing strongly or weakly.

The zone XRP is currently trading in, at $1.20, is a critical level, and depending on how the currency behaves over the next few weeks, it could continue its forward momentum.

Following its brief all-time high period above $1.50 in May 2021, XRP attempted to return to that level several times from August to November of that year. While unsuccessful, the $1.20 margin proved to be a pivotal breaking point for the digital asset.

Given the expectations of a market with less restriction without Gensler at the helm, the chance of XRP breaking above that zone remains high.

If that occurs, nothing precludes XRP from following Bitcoin's recent performance and achieving new all-time high price levels in 2025.