XRP price saw a dramatic surge following the announcement of Securities and Exchange Commission (SEC) Chairman Gary Gensler yesterday. In the latest update, anti-crypto SEC Commissioner Jaime Lizárraga also announced his resignation. Lizárraga, a Democrat known for his firm stance against crypto, will step down on January 17, 2025, citing personal reasons tied to his wife’s health.
SEC Commissioner Jaime Lizárraga Steps Down
“In reflecting on the challenges that lie ahead, we have decided that it is in the best interests of our family to close this chapter in my 34-year public service journey,” Lizárraga said, according to a Bloomberg Law report. His early departure leaves the SEC with a Republican majority, but procedural rules will still require bipartisan agreement for regulatory changes. Nonetheless, XRP continued rallying as market remained optimistic.
Lizárraga has agreed with Gensler on his opinion that all crypto tokens are securities. He also believed that “problems in the digital asset market are worse than those in the traditional finance system, because they occur in a largely unregulated space.” Hence, his and Gensler’s departure marks the start of softer approach toward the crypto industry.
The recent news came just a day after SEC Chair Gary Gensler announced his exit, effective January 20, further signaling potential shifts in the agency’s direction. Both exits leave Commissioner Caroline Crenshaw as the sole Democrat on the five-member SEC. With the Republicans, Hester Peirce and Mark Uyeda, needing her support to adopt or amend regulations, the impact on crypto-related policies remains uncertain.
XRP Price to Surge Further?
These developments have sent ripples across the crypto market, particularly impacting XRP price, which surged over 33% in a single day. Following Lizárraga’s announcement, the token broke through key resistance levels, reflecting a sentiment shift among traders and investors.
Crypto analyst and XRP supporter Armando Pantoja took to X (formerly Twitter) to share his bullish outlook on XRP price. “Smashing through resistance and heading for the 0.786 Fib at $1.61,” he wrote. “Next stop? $2-$2.10, the last time we saw that price was 4/21. After that? Easy path to $8.”
Earlier this month, Pantoja noted that breaking past $8 could set XRP on a trajectory toward $30. This optimism stems from the expectation that a Republican-majority SEC might ease enforcement actions against crypto companies, creating a more favorable environment for digital assets.
XRP price movements also reflect market anticipation of reduced regulatory scrutiny. The SEC’s aggressive approach under Gensler’s leadership led to lawsuits against major crypto firms, including Ripple Labs, the company behind XRP. With Gensler and Lizárraga stepping down, investors are hopeful for a more balanced regulatory approach.
While the exact policy direction of the post-Gensler SEC remains to be seen, the immediate market reaction highlights growing investor confidence. XRP price’s surge to $1.50 signals that market participants are betting on regulatory relief under the new SEC leadership.
Also Read: Ripple XRP Rallies After Gensler Departure News: Could We See $2 This Month?