Ripple CEO Brad Garlinghouse has hinted that Gary Gensler’s scheduled resignation from the Securities and Exchange Commission (SEC) is the reason behind XRP’s bullish movement. XRP price gained momentum in the last 7 days, soaring to levels not seen in years while the wider market traded sideways.
The Gary Gensler-led SEC remained a loggerhead with the crypto market, following a series of hostile regulatory methods. In a recent post on X (formerly Twitter), Garlinghouse suggested that Gary Gensler’s announced exit from the Commission has bolstered investor sentiments.
The co-founder of Solana Labs Anatoly Yakovenko wrote that Ripple’s win against the SEC was the fatal wound against crypto adding that the XRP army bows to no one. In his reply, Garlinghouse stated, “after Gensler, all boats rise.”
SEC Negative Impact on Crypto
The Biden administration was popularly termed a “war” with crypto assets because of the regulatory onslaught heaped on the industry. The lack of policy direction and regulation by the enforcement strategy of the SEC weakened sentiments and plunder investments. Frequent lawsuits also constituted roadblocks to wide asset adoption.
Notably, the case against Ripple and its two executives reduced the asset’s growth, as it traded below $1 for more than a year. XRP bulls criticized the SEC over its lack of proper rules on the sector, leaving the United States behind other jurisdictions. Ripple’s Legal Chief Stuart Alderoty restated the facts that the financial regulator’s action lowered market activity.
“Turns out, the only ‘efforts of others’ that truly moved crypto markets—by causing massive and prolonged artificial suppression—were those of the SEC.”
XRP Bullish Price Action
The price of XRP has surged to levels not recorded in several months due to on-chain and industry factors. At press time, XRP trades at $2.3, a 56% surge this week to continue its blistering run as bulls set sights on a price above $3. Weekly inflows stand at 90%, while monthly movements are a whopping 433% above the red zone.
The surge has boosted the market cap above $150 billion, displacing USDT as the third largest crypto asset. Meanwhile, daily trading volume topped $52 billion as bulls continue to accumulate. XRP whale transactions hit an all-time high following this cycle as the asset defied the wider market direction. Recent XRP partnerships to provide cross-border payment solutions are key factors behind the current drive.
