Crypto markets slipped earlier today, with the largest crypto by market capitalization, Bitcoin (BTC), tumbling roughly 1.5% to under $90,000.
Major altcoins Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), and Avalanche (AVAX) also lost 3.1%-5.8% of their values. Meanwhile, Ripple’s XRP showed relative strength amid the market slump, notching its highest 2024 price.
XRP’s advance came after Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), hinted that he might soon resign during a speech on Thursday.
Gary Gensler To Resign As Soon As Nov. 15?
In prepared remarks for a Nov. 14 speech at the Practicing Law Institute’s 56th Annual Institute on Securities Regulation, Gary Gensler once again called for crypto exchanges to register and urged issuers to make proper disclosures, describing many of the 10,000 digital assets in circulation as securities.
Gensler also mentioned that there had been “significant investor harm” in the cryptocurrency sector. He further argued that “the vast majority” of cryptocurrency tokens lack proper use cases.
The wording of Genser’s speech suggests that his exit is quite close. “I’ve been proud to serve with my colleagues at the SEC who, day in and day out, work to protect American families on the highways of finance,” he posited while concluding his statement.
While speaking at the Bitcoin conference in July, President-elect Donald ***** vowed to fire the crypto industry-hostile Gensler on his first day of office. However, it seems that he could resign as soon as today, as predicted by XRP holders’ lawyer John E. Deaton.
What It Could Mean For XRP
Ripple-affiliated token XRP is on a roll.
Data from CoinGecko shows that XRP today jumped past $0.9049 — its highest price point since July 2023 after a federal judge declared the crypto asset a non-security when sold to investors via exchanges. XRP has since settled at $0.8874 as of press time, up an eye-watering 22.4% on the day after giving up some gains.
The crypto asset trails behind the leading meme coin Dogecoin (DOGE), which has enjoyed a meteoric rise in recent weeks amid a newfound *****-Elon Musk relationship.
The possibility of Gensler stepping down could push XRP back into the elusive top six crypto club. Notably, XRP has been at the center of a high-profile back-and-forth legal battle between Ripple and the SEC since December 2020.
Crypto pundits are speculating that under new leadership, the SEC could settle with Ripple instead of continuing a prolonged litigation process. With a settlement, Ripple would likely pay financial penalties but would ultimately be allowed to continue its business without the burden of a lawsuit.