SEC Chairman Gary Gensler’s announcement of his departure from the regulatory agency has caused a surge in the price of XRP, with a 25% increase on Friday and a 138% gain year-to-date. This growth is outperforming Ethereum and close to Bitcoin’s yearly gains. Trading activity for XRP has reached new levels, with over $2 billion in open interest positions.
The leadership change at the SEC could lead to a shift in the agency’s approach to cryptocurrency regulation, potentially resulting in fewer lawsuits against crypto companies and potential settlements. WisdomTree has launched a physical XRP ETP in Europe, aiming to provide exposure to XRP’s spot price.
The growing interest in XRP has led to increased market cap and record levels of trading activity.
