Hassan Maishera
TL;DR
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XRP is up 15% in the last 24 hours, outperforming other major cryptocurrencies.
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The rally comes as SEC chair Gary Gensler hinted at resignation.
XRP Leads the Market Charge
XRP, Ripple’s native coin, is the best performer amongst the top 20 cryptocurrencies by market cap in the last 24 hours. The coin added 15% to its value during that period, while other major cryptos underperformed.
At press time, XRP was trading at $0.7979. The rally followed news that Securities and Exchange Commission (SEC) chairman Gary Gensler is considering resigning.
The SEC and XRP have been embroiled in a legal battle over the past few years. The protracted legal battle has affected XRP’s position in the market as several leading crypto exchanges delisted the coin from their platforms.
However, a Gensler resignation could alter this as a more crypto-friendly Trump administration could favor XRP and other crypto projects. Investors are excited about the prospect of XRP being relisted on several leading cryptocurrency exchanges.
BTC and Others Underperform
While XRP rallied, Bitcoin and other major cryptocurrencies are underperforming. Bitcoin is down 1% in the last 24 hours and now trades above $88k per coin.
Ether, the second-largest cryptocurrency by market cap, has lost 3.7% of its value and risks dropping below $3k if the bearish trend continues.
