Ripple CEO Brad Garlinghouse Hints At Main Reason Behind XRP Rally
Highlights
- Ripple's CEO credits SEC Chair's resignation and regulatory easing for fueling industry-wide growth.
- XRP hits 6-year high at $2.71, market cap surpasses $150B after legal win.
- WisdomTree files for XRP ETF as institutional demand for Ripple's crypto surges.
Ripple CEO Brad Garlinghouse has suggested that XRP’s dramatic price rally can be attributed to shifting regulatory dynamics in the United States. Following the resignation announcement of SEC Chair Gary Gensler and Ripple’s significant legal victory against the SEC earlier this year, XRP has experienced an extraordinary surge.
Brad Garlinghouse, alongside Ripple’s Chief Legal Officer (CLO) Stuart Alderoty and lawyer Bill Morgan, has emphasized that these developments have set the stage for unprecedented growth in the crypto industry.
Ripple CEO Hints At Main Reason Behind XRP Rally
Ripple CEO Brad Garlinghouse pointed to the resignation of SEC Chair Gary Gensler as a pivotal moment for the cryptocurrency market, including Ripple. Gensler, whose tenure has been marked by aggressive regulatory actions against crypto, announced he would step down in January 2025.
This decision coincides with the election of pro-crypto U.S. President-elect Donald Trump, who has promised to foster a more favorable regulatory environment.
Garlinghouse tweeted, “After Gensler, all boats rise,” referring to the industry-wide optimism sparked by this leadership change. Ripple CLO Stuart Alderoty echoed this sentiment, stating, “The only ‘efforts of others’ that truly moved crypto markets—by causing massive and prolonged artificial suppression—were those of the SEC.” Many in the industry see Gensler’s departure as marking the end of what they view as an era of legal hostility toward cryptocurrency projects.
XRP’s Bullish Momentum Hits Multi-Year Highs
XRP has reached a six-year price high, climbing to $2.71, with a market cap exceeding $150 billion. Ripple’s legal victory against the SEC earlier in the year was a critical turning point for the asset, cementing its status as a leader in the crypto market.
Ripple CEO Brad Garlinghouse attributed much of XRP’s rally to renewed investor confidence following the legal win and broader market optimism.
Ripple lawyer Bill Morgan highlighted the SEC’s misstep in its handling of the Ripple case, stating, “The SEC made a huge mistake not seeking a penalty in XRP rather than USD.” This legal outcome has energized Ripple and its supporters, with the XRP community celebrating the end of what they perceive as a lengthy period of regulatory suppression.
Institutional Demand Drives Market Gains
The growing demand for XRP among institutional investors has also played a significant role in its price surge. Coinbase, one of the largest U.S. cryptocurrency exchanges, reported a price premium for XRP over the past 30 days, indicating strong buying interest from U.S.-based investors.
According to Ki Young Ju, CEO of CryptoQuant, this premium has ranged from 3% to 13%, underscoring robust demand for the digital asset.
Meanwhile, Ripple’s market momentum has encouraged traditional financial firms to explore XRP-related products. Investment management company WisdomTree recently filed for an XRP Exchange-Traded Fund (ETF) with the SEC, joining other firms such as Bitwise and 21Shares.
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