XRP Surges 15% as Speculation About SEC Chair Gary Gensler's Resignation Grows

Ripple's RLUSD stablecoin launch on XRP Ledger and Ethereum boosts investor optimism. Gensler's exit and regulatory clarity may lead to a more favorable environment for XRP.

XRP price experienced a surge of about 15% on Wednesday amid speculation over U.S. SEC Chair Gary Gensler’s potential resignation and Ripple’s upcoming stablecoin launch.

The price of XRP, currently ranked 7th among cryptocurrencies, saw a significant increase of around 15% over the last 24 hours. This surge comes as the broader crypto market trended downwards, with Bitcoin and Ethereum experiencing losses of 1.4% and 3.8%, respectively.

Among the factors contributing to XRP’s impressive rally are regulatory developments concerning SEC Chair Gensler and Ripple’s stablecoin launch, both of which have attracted attention in the crypto community.

With Trump’s administration coming to power and the appointment of Gensler as SEC Chair, XRP investors are keeping a close eye on the regulatory landscape. If Gensler were to step down, it could potentially lead to a more favorable regulatory environment for XRP.

Furthermore, there are speculations that the XRP legal case may be dropped once Gensler exits.

Here are some crucial points that stood out to XRP investors this week.

SEC Chair Gensler’s Potential Resignation

One of the driving forces behind XRP’s recent rise is speculation regarding U.S. SEC Chair Gary Gensler’s possible resignation. In a recent address, Gensler highlighted the SEC’s efforts to modernize financial regulations, particularly within the crypto sector. He noted that Bitcoin is not considered a security, a stance that aligns with former SEC Chair Jay Clayton.

However, Gensler's comments on the need for clearer regulatory distinctions among digital assets and his expression of gratitude for his time in office raised questions about his future at the SEC. If Gensler does step down, it could lead to a more favorable regulatory environment for XRP and other cryptocurrencies.

Moreover, at least 18 US states filed a lawsuit against the SEC overreach. Everyone is hopeful of clear crypto policies and regulations.

Interested in learning how the Ripple vs SEC case is impacting XRP? Check out our XRP price prediction to find out what the future holds for this crypto.

Ripple’s RLUSD Stablecoin Launch

Another development that has contributed to XRP’s upward momentum is Ripple’s announcement of its upcoming stablecoin, RLUSD, which will be pegged to the U.S. dollar. The stablecoin, which will be issued on both the XRP Ledger and Ethereum blockchain, is designed to enhance Ripple’s blockchain offerings with improved speed, security, and cost efficiency.

According to Monica Long, President of Ripple, RLUSD will cater to the growing demand in regions like APAC, the EU, and Australia, particularly in decentralized finance (DeFi).

Furthermore, Ripple plans to launch RLUSD under a New York Trust license, which provides a more robust regulatory framework compared to a traditional money transfer license. This move is intended to ensure transparency and rigorous oversight of the stablecoin’s reserves, which will be fully backed by low-risk, highly liquid assets. The involvement of the New York Department of Financial Services (NYDFS) guarantees that Ripple will adhere to strict reserve requirements, further boosting confidence in RLUSD’s long-term viability.

Together, these developments have sparked optimism for XRP, driving its recent surge.

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