Crypto Knocker Gary Gensler Resigns-Bitcoin Heads to $100K While XRP Price Speculated to Reach $2
- Gary Gensler announced his resignation as the SEC Chair as Trump’s administration begins in the state the U.S
- The markets have responded extremely positively as Bitcoin price inches close to $100K and XRP price launched a massive rise of over 25%
- With the market sentiments turning in favor of the space, the possibility of surpassing the 2021 highs for the XRP price emerges as BTC aims to peak at around $115K.
Ever since the change in the U.S. leadership has come to light, the crypto bulls have become largely optimistic about the prospects. Donald Trump, the president-elect, had campaigned in favor of the crypto community and has assured to terminate the current SEC’s chair, Gary Gensler, once he resumes office, despite fewer options. Meanwhile, the latest reports of him resigning on January 20, when Trump’s era begins, have circulated bullish waves across the markets.
In a post on X, Gary Genseler announced his resignation after holding the office since April 2021. In the official announcement, he listed the achievements of the SEC under his leadership and claimed to have protected the investors in the crypto markets. One of the major tussles in his regime is the SEC’s lawsuit against Ripple, CEO Brad Garlinghoues, and co-founder Chris Larsen, which continues to find a closure despite the final judgment produced in favor of the company.
The SEC has failed to prove their allegations against the company, which claims XRP to be a security and was issued illegally to the traders. Although Judge Torres cleared that Ripple did not violate any securities law but determined that Ripple’s institutional sales did violate the regulations, hence marking a legal victory for the authorities. Apart from this, SEC under Gensler had launched an attack on exchanges like Binance, Coinbase, Kraken, & FTX.
Read More: Bitcoin Price Prediction
What Could be Impact on Bitcoin & The Entire Crypto Markets?
The bullish sentiments of the markets have been elevated since Donald Trump became the new president-elect of the U.S. His visions and intentions about the crypto community have made the investors extremely confident of the future of the space under his administration. As a result, the BTC price, which was trading within an ascending consolidation, triggered a massive upswing, forming a new ATH at $76,481. However, the token turned on the beast mode and is now an inch close to hitting the $100K milestone.
On the other hand, the XRP price, which remained sluggish for a pretty long period, has woken up from the consolidation phase and surged above $1. The final judgment of the lawsuit had failed to elevate the levels above $1 but now that the levels are heading towards the 2021 highs, the market participants expect a new ATH above $3.84 in the coming weeks, probably in 2025 after Donald Trump appoints a new SEC Chair who could be more friendly towards Bitcoin, XRP, & the other cryptos.
