The cryptocurrency market is witnessing a significant rally, with Ripple's XRP token surging over 24% and Bitcoin (BTC) approaching the $100,000 milestone. This surge follows the announcement by U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler that he will step down in January 2025.
Key Market Movements
- XRP Price: Jumped to $1.38, up 24% in 24 hours.
- Bitcoin Price: Reached $98,772, just shy of its new all-time high (ATH) of $99,467.89.
👉 Explore real-time crypto price trends
Ripple CEO Reacts to Gensler's Resignation
Brad Garlinghouse, CEO of Ripple, expressed gratitude for Gensler's departure, calling it a "Thanksgiving relief." This sentiment stems from the prolonged legal battle between Ripple Labs and the SEC over XRP's regulatory status.
Gensler's Exit and Crypto Policy Shift
Gensler confirmed his resignation via X (formerly Twitter), citing the end of his term coinciding with the presidential transition. His departure, coupled with President-elect Donald Trump’s pro-crypto stance, has fueled market optimism:
"Our capital markets remain the best in the world," Gensler noted in his farewell thread.
Institutional Demand Drives Bitcoin
Bitcoin ETFs recorded $1 billion inflows in a single day, signaling strong institutional interest:
| ETF | Inflows |
|--------------|-------------|
| BlackRock IBIT | $608M |
| Fidelity FBTC | $301M |
👉 Learn how ETFs impact crypto markets
Meme Coin Mania: Cat-Themed Tokens Lead Gains
- Mog Coin (MOG): Up 8%.
- CatSlap (SLAP): Viral newcomer, skyrocketed 1,756% in 24 hours.
FAQs
Q: Why is XRP rallying?
A: Investor optimism post-SEC lawsuit resolution and Gensler’s exit.
Q: What’s driving Bitcoin toward $100K?
A: Institutional ETF inflows and favorable regulatory outlook.
Q: Are meme coins a good investment?
A: High-risk, high-reward assets; always research before investing.