Ripple CEO Brad Garlinghouse has revealed the secret to the latest XRP price rally. He attributed XRP’s recent meteoric rise to evolving regulatory conditions in the United States. Highlighting the significance of SEC Chair Gary Gensler’s impending resignation, Garlinghouse noted this development as a turning point for the crypto sector.
Ripple CEO Comments on Recent XRP Price Rally
Gensler, known for his stringent regulatory measures targeting the crypto industry, announced his resignation effective January 2025. This shift aligns with the election of U.S. President-elect Donald Trump, who has expressed support for pro-crypto policies. His return to the White House in January promises a friendlier environment for blockchain innovations.
Thus, Garlinghouse expressed optimism, stating on social media, “After Gensler, all boats rise.” His remarks reflect the growing confidence within the crypto community, anticipating reduced regulatory hurdles. Ripple’s Chief Legal Officer Stuart Alderoty reinforced this perspective, emphasizing that the SEC’s regulatory approach had artificially suppressed crypto markets.
🫡 after Gensler, all boats rise
— Brad Garlinghouse (@bgarlinghouse) December 2, 2024
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“The only ‘efforts of others’ that truly moved crypto markets—by causing massive and prolonged artificial suppression—were those of the SEC,” Alderoty said. Moreover, Ripple’s legal triumph against the SEC earlier this year further bolstered market confidence, positioning the company for growth. Lawyer Bill Morgan also pointed out that these legal and regulatory milestones signal a transformative phase for the broader cryptocurrency ecosystem.
RLUSD Minting
Amid this favorable backdrop, Ripple has minted 50 million RLUSD, a new stablecoin aimed at driving innovation within its ecosystem. This minting follows the burning of an equivalent amount earlier, signaling a strategic reset ahead of RLUSD’s expected launch this week.
Meanwhile, the XRP price has hit a peak of $2.79 today with a strong rally of over 31%. Thus, analysts expect the token to hit $3 this week if the momentum continues, paving the way for a fresh all-time high.
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Also Read: Ripple Surges 80% in a Week: How High Can XRP Go?
