The bull market seems to be going at full speed and some altcoins are performing undoubtedly better than others.
The case in point is Ripple’s XRP, which is up by a whopping 32% in the past 24 hours alone.
At the time of this writing, XRP is trading at slightly less than $1.20 and is the best-performing cryptocurrency among the top ten and one of the leaders across the top 100 coins by means of total market cap.
But why is the XRP price up today? Well, just a few days ago, the current Chairman of the United States Securities and Exchange Commission- Gary Gensler – wrote an open letter, which many thought was his de-facto goodbye note. Recall that President-Elect Donald Trump has promised to fire him on day one of his presidency. He will be inaugurated on January 20th, 2025, but the community is obviously of the opinion that Gensler will step down earlier.
This also has to do with the ongoing lawsuit between the SEC and Ripple and many believe that if Trump appoints a pro-crypto Chairman, this would play into the firm’s favor.
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