XRP Soars, BTC Nears $100K As Gary Gensler Confirms SEC Exit

On Nov 22, 2024

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Ripple’s XRP token surged and crypto market leader Bitcoin (BTC) is edging closer to the psychological $100K mark after US Securities and Exchange Commission (SEC) Chair Gary Gensler announced he will step down next month.

Remittance token XRP soared more than 24% in the past 24 hours to trade at $1.38 as of 3:30 a.m. EST. Bitcoin climbed more than 1% to $98,772 after earlier hitting a new all-time high (ATH).

Ripple CEO “Thankful” That Gary Gensler Is Stepping Down

This came after Gensler shared his resignation announcement in a Nov. 21 thread on X. The SEC executive disclosed that he will step down as the regulator’s chair on Jan. 20, 2025, after Donald Trump is inaugurated as president.

On January 20, 2025 I will be stepping down as @SECGov Chair.
A thread 🧵⬇️
— Gary Gensler (@GaryGensler) November 21, 2024

“It has been an honor of a lifetime to serve w/ them on behalf of everyday Americans & ensure that our capital mkts remain the best in the world,” he said.

Ripple CEO Brad Garlinghouse retweeted Gensler’s resignation thread on X, adding that he is “thankful” for Gensler’s resignation this Thanksgiving.

This follows a multi-year-long lawsuit between Ripple Labs and the SEC over XRP’s security status.

Bitcoin Nears $100K As Gensler Resignation Boosts Crypto Euphoria

With Gensler leaving the SEC and pro-crypto President-elect Donald Trump entering the White House next year, crypto prices have started to rally due to investor euphoria.

Market leader Bitcoin set a new all-time high of $99,467.89 earlier today. With the new peak, BTC is less than $1K from achieving the major $100K milestone.

Institutional investors are also rushing to buy Bitcoin, with data from Farside Investors showing that US spot Bitcoin ETFs (exchange-traded funds) recorded over $1 billion in inflows yesterday.

BlackRock’s IBIT maintained its dominance after over $608 million entered the fund. Fidelity’s FBTC took second place with its $301 million inflows on the day.

In addition to BTC and XRP pumping, the cat-themed segment of the market was among the best performing with a more than 8% pump.

Mog Coin (MOG) led gains by the biggest cat-themed tokens by market capitalization, but it was a new meme coin by the name of CatSlap (SLAP) that stole the spotlight.

CatSlap Token went viral on social media and has soared 1,756% in the last 24 hours.

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