In simple terms, the cryptocurrency market is booming and some altcoins are doing very well. One example is Ripple’s XRP, which has increased by 32% in the last 24 hours. This makes it the top performer among the top ten cryptocurrencies and one of the leaders in the top 100 coins based on total market cap.
The reason for the increase in XRP’s price is related to the recent open letter written by Gary Gensler, the current Chairman of the United States Securities and Exchange Commission. Many believe that this letter could be his farewell note as President-Elect Donald Trump has promised to remove him from his position.
As Trump will be inaugurated on January 20th, 2025, there is speculation that Gensler might step down earlier. This situation is connected to the ongoing lawsuit between the SEC and Ripple, and many people think that if Trump appoints a pro-crypto Chairman, it would be beneficial for the firm.
