XRP Price Rises to $2 as Paul Atkins Set to Replace SEC Chairman Gary Gensler

As soon as the resignation of SEC Chairman Gary Gensler became known, the price of XRP rose 26% within a few hours, exceeding the $1.40 level. As a result, the XRP price is now at a three-year high, with crypto market analysts looking to hit the $2 target very soon on the back of today’s bullish breakout. Additionally, the announcement that cryptocurrency proponent Paul Atkins will succeed Gensler as SEC Chairman could further fuel XRP’s rally.

Is XRP price expected to rise to $2?

After the resignation letter SEC Chairman Gary GenslerXRP bulls said this led to another 26% price increase. Gensler’s last day in office will be Jan. 20, 2025, the same day President-elect Donald Trump takes charge of the White House. It is clear that the XRP community views Gensler’s resignation as a positive development after a difficult four-year legal battle over the Ripple lawsuit.

Crypto market analyst Ali Martinez believes this rally will continue to $2. Martinez suggested that Gensler’s departure from the SEC would be a major turning point for Ripple and potentially ease regulatory pressure on the company.

“Gary Gensler leaving the SEC is the best thing that could have happened to Ripple,” Martinez said. He also added that XRP price could now target the $2 target level amid a new breakout of the flag and pole pattern.

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

Will Paul Atkins replace SEC Chairman Gary Gensler?

When Gary Gensler resigns, the biggest question on everyone’s mind is who will Donald Trump appoints as the next SEC Chairman? Fox Business reported that former SEC commissioner Paul Atkins is the favorite to replace Gary Gensler.

Paul Atkins is popular for his approach to free market regulation and support for cryptocurrencies. It has also received strong support from the business community and the digital asset industry. His appointment could also open the gates for XRP spot ETF by 2025.

21Shares, Canary Capital and Bitwise have already filed for the XRP ETF with the US Securities and Exchange Commission over the past two months. The emergence of this investment product could fuel institutional interest in XRP.

Gary Gensler’s decision not to complete his term at the Securities and Exchange Commission was met with widespread praise from the business sector, which had criticized his approach to regulation. The story is near the end Ripple’s lawsuit against the SEC seemed more obvious now.

At the time of publication, the price of XRP was up 26% to $1.40, with a market capitalization of $80 billion. According to Coinglass, open interest in XRP rose 35% to $2.47 billion. In the last 24 hours, $25.64 million worth of XRP positions were liquidated, with $14 million liquidated in short positions and $11.62 million in the form of long liquidations.