XRP Price Surge to $2 As Paul Atkins Leads to Replace US SEC Chair Gary Gensler?

As soon as the news of SEC Chair Gary Gensler’s resignation broke out, the XRP price shot up by 26% hours later surging past the $1.40 level. As a result, the XRP price is now at a three-year high with crypto market analysts eyeing $2 targets very soon amid today’s bullish breakout. Furthermore, the announcement of pro-crypto Paul Atkins succeeding Gensler as SEC Chair may further propel XRP’s rally.

XRP Price Rally to $2 Coming?

Following the resignation announcement by SEC Chair Gary Gensler, the XRP bulls have charged in leading to another 26% price rally. Gensler’s last day at the office will be January 20, 2025, the same day when President-elect Donald Trump takes charge at the White House. It is clear that the XRP community sees Gensler’s resignation as positive, following the tough four-year legal battle in the Ripple lawsuit.

Crypto market analyst Ali Martinez believes that this rally will continue to $2. Martinez suggested that Gensler leaving the SEC would mark a significant turning point for Ripple, potentially easing regulatory pressures on the company.

“Gary Gensler leaving the SEC is the best thing that could happen to Ripple,” Martinez stated. He further added that XRP price could now set its sights on a $2 target, amid the fresh breakout from the flag-and-pole pattern.

Crypto analyst CrediBULL Crypto highlighted that XRP’s monthly Relative Strength Index (RSI) is on the verge of entering overbought territory for the first time in three years. “XRP/ETH just reclaimed and retested a 4 year long range, with the first target being ~250% higher,” he added.

Paul Atkins to Replace US SEC Chair Gary Gensler?

As Gary Gensler puts his resignation, the biggest question in everyone’s mind is whom will Donald Trump appoint as the next SEC Chair? Fox Business reported that former SEC Commissioner Paul Atkins is the front-runner to succeed Gary Gensler.

Paul Atkins is popular for his free-market regulatory approach and pro-crypto stance. He has also garnered strong support from the business community and the digital asset industry. His appointment could also open the gates for the spot XRP ETF by 2025.

21Shares, Canary Capital, and Bitwise have already filed with the US SEC for the XRP ETF in the last two months. The arrival of this investment product could fuel institutional interest in XRP.

Gary Gensler’s decision not to complete his term at the SEC has been met with widespread approval from the business sector, which has been critical of his regulatory approach. The narrative towards the end of Ripple vs SEC lawsuit now looked more obvious.

As of press time, the XRP price is trading 26% up at $1.40 with a market cap of $80 billion. As per the Coinglass data, the open interest in XRP has shot up 35% to $2.47 billion. In the last 24 hours, $25.64 million worth of XRP positions were liquidated with $14 million in short liquidations and $11.62 million in long liquidations.