As Securities and Exchange Commission (SEC) Chair Gary Gensler prepares to leave his post behind, a cryptocurrency targeted under his leadership is staging a notable climb.

Used prominently by fintech firm Ripple Labs, the price of XRP popped Thursday as Gensler said he would resign from his leadership position at the agency when President-elect Donald Trump takes control of the White House in January. 

As of this writing, XRP’s price has increased 20% over the past day, with the asset reaching  its highest price since May 2021 at $1.49 earlier Friday.

While XRP has been one of the largest cryptocurrencies by market capitalization since its launch in 2013, the SEC alleged the asset is a security in a lawsuit brought in 2020. Even though a federal judge had since ruled that the token is “not necessarily a security on its face,” a sense of regulatory uncertainty persisted, with the SEC appealing the decision.

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Author: André Beganski