- Gensler steps down on January 20, 2025, and Trump’s leadership may change the rules for cryptocurrencies, impacting XRP.
- XRP jumped to $3.38 after Trump’s win but is now around $3.15. Experts see support at $2.80-$2.90 before another rise.
- The chances of approval for the XRP ETF are 66%. JPMorgan expects inflows of between $4 million and $8 million, which could push XRP higher.
Gary Gensler will leave his position as Chairman of the US Securities and Exchange Commission on January 20, 2025. This is when his term ends since April 2021. Since Donald Trump won the US presidential election, he is expected to change the outlook in the regulation. This makes his resignation inevitable. Trump has already expressed his willingness to nominate Paul Atkins. However, a vote in the Senate will determine who will be nominated for the position.
However, Gensler’s resignation has sparked debate about cryptocurrencies, especially among XRP holders. Since Gensler spent most of his time suing Ripple. His tough stance on regulation has affected the price of XRP over the years. With his resignation, many people believe that the Ripple token may undergo some major price action that may be affected by investor sentiment and decisions in the regulatory space.
Gary Gensler’s exit and its impact on cryptocurrencies
Gensler was the most aggressive in enforcing the law while serving at the SEC. He has handled more than 2,700 cases and returned $2.7 billion to investors. In his final social media post, he reflected on his tenure and said he believes in capital markets and fair competition.
Many saw it Farewell message Before officially resigning. He is also scheduled to give his final ceremonial farewell, where he may once again speak about the regulatory definition around XRP. Ripple’s price fell dramatically from a high of $3.80 to an average low of $0.50 after a lawsuit was filed against the Securities and Exchange Commission. However, after Trump’s victory, the coin rebounded strongly and touched a seven-year high of $3.38. The anticipation of regulatory changes and a change in leadership at the SEC has raised investors’ hope, making them believe that prices may actually rise further.
XRP price movements and future expectations
According to market trends, XRP has been strengthening since the recent rally. Currently, the token is trading at $3.15 with the token down 6% since trading activity declined with mixed sentiment from investors. Analysts remain optimistic about the long-term outlook because this short-term volatility will not present any major drag.
Cryptocurrency analyst Andrew Griffiths believes that XRP is consolidating and the price could get support at the $2.80 to $2.90 levels. He added that a correction phase may come before the rise and could reduce the price to $3.30. Talk of XRP-based ETFs has become hotter in recent days as well, and Polymarket now estimates the probability of approval at 66%. Analysts at JPMorgan expect that such an ETF would attract inflows of $4 million to $8 million in its first year, which could positively impact the value of XRP.
As Gensler’s final day approaches, Stuart Alderotti, Ripple’s chief legal officer, noted that starting tomorrow, people may move on from discussing Gensler’s role in regulating cryptocurrencies. The cryptocurrency community remains focused on the policy shifts in the next leadership. With Trump at the helm and a huge opportunity emerging for the XRP exchange-traded fund, investors continue to expect long-term growth of around $20 for XRP.
However, it is possible that short-term volatility is still to be expected due to market sentiment. Overall, the trend remains optimistic, but investors should be aware of the ongoing development regarding the leadership change at the SEC.
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