Based on the troubled relationship between XRP’s parent company, Ripple, and the United States Securities and Exchange Commission (SEC) chairman Gary Gensler, the latter’s exit might fuel the altcoin’s fire.
Crypto pundit The BitBoy shared these sentiments, acknowledging, “If he fires Gary Gensler, XRP might be the coin in the crypto top 100 that pumps the hardest off of Trump’s presidency.”
Based on his recent statement, Gensler’s exit seems to be a matter of when, not if. XRP is already enjoying a bullish run, having hit the psychological threshold of $1.
Part of Gensler’s statement read, “It’s been a great honor to serve with them (SEC), doing the people’s work, and ensuring that our capital markets remain the best in the world.”
Therefore, this is a telling sign that Gensler’s days at the helm of the SEC are numbered since President-elect Donald Trump has taken a pro-crypto approach.
The XRP community is welcoming this move with both hands because Gensler has taken a stringent crypto approach, which has resulted in enforcement actions against various entities, including Ripple.
A change of leadership at the SEC is bullish for XRP because it might end Ripple’s prolonged legal battle.
XRP’s Price Goes Through the Roof
Having been engulfed in a 4-year symmetrical triangle, XRP’s stagnant nature was of major concern in the crypto community.
Nevertheless, this narrative is changing because XRP has reclaimed $1, a scenario last seen in December 2021.
Per CoinGecko data, XRP was up by 103.2% in the past week to hit $1.12 at the time of writing.
This momentum is ignited by Ripple whales going on a buying spree after purchasing 320 million XRP.
Therefore, time will tell how XRP will play out if leadership changes hands at the SEC.
