Donald Trump’s recent victory in the U.S. presidential election caused a massive resurgence for the crypto market, and XRP has shown strong performance. As a result, the cryptocurrency has garnered significant attention, and the community is speculating about its potential price movement under Trump’s administration.
Trump, who has previously expressed pro-crypto sentiments, has promised to remove Gary Gensler from his position as the Chairman of the Securities and Exchange Commission (SEC) on the first day of his presidency.
This potential change in SEC leadership has sparked discussions within the crypto community, especially about how it could impact XRP price. While some like Ripple CEO Brad Garlinghouse are speculating on Gensler’s potential replacement, BitBoy, a prominent influencer in the cryptocurrency space, has shared his views on how the XRP price could react once Gensler is gone.
How High Can XRP Climb?
According to BitBoy, the dismissal of Gensler could lead to a substantial price surge for XRP. He expects the digital asset to be the best performer among the top 100 cryptocurrencies in the market.
The rationale behind this speculation is that the SEC’s regulatory practices under Gensler have clearly hindered the asset’s growth, preventing it from hitting a new all-time high in 2021 and holding it down in early 2024 when Bitcoin hit a new all-time high.
If the new Trump-appointed SEC Chair drops the lawsuit, experts believe XRP will benefit greatly, and adoption could increase as Ripple would finally operate freely within the U.S. The target for many is a repeat of the 80,000% surge from 2017, but many believe it can go even higher.
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However, not all market participants share this optimistic view. Some critics have expressed skepticism about the likelihood of a substantial XRP price pump based on Gensler’s dismissal.
The main reason is XRP’s underperformance between the ruling on August 7 which ended the legal battle, and the SEC’s appeal in early October. After the issues were mostly resolved, the digital asset failed to show significant momentum, discouraging many investors.
One user also predicted that Gensler would resign voluntarily to avoid getting fired. This scenario could further dampen a potential XRP price surge.
However, experts have reiterated this belief for a long time, and have predicted a surge for the digital asset following his removal long before recent investigations into his actions.
Following the August ruling, there was still some uncertainty as many expected the SEC to appeal. However, Gensler’s firing will bring a major market shift, and the surge following Trump’s victory shows that XRP will react positively.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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