XRP Climbs 72%, Eyes $4.15 by 2025 as SEC Chair Announces Resignation
Key Takeaways:
- XRP surged by 72.58% this week, hitting a 3-year high of $1.42.
- SEC Chair Gary Gensler announced his resignation, fueling optimism in the crypto market.
- WisdomTree launched a low-cost, physically-backed XRP ETP in Europe, spurring further interest.
XRP witnessed a remarkable 72.58% weekly rally, touching $1.42, its highest price in three years. The bullish momentum coincided with the surprise announcement by SEC Chair Gary Gensler that he will step down on January 20, 2025. Genslers tenure was marked by his leadership during the SECs long legal battle with Ripple, which had dampened the tokens price for years.
In a statement announcing his resignation, Gensler looked back on his time at the SEC, highlighting the agencys commitment to investors and fair markets. Ripples CEO welcomed the change in tides, throwing in a little optimism tethered to the announcement. The wider crypto market took that same sentiment while viewing Genslers departure as essentially an indicator of maybe a regulatory tone change.
WisdomTrees XRP ETP Ignites Investor Interest
Adding to the bullish narrative, asset manager WisdomTree has introduced its XRP-backed exchange-traded product in Europe. The WisdomTree Physical XRP ETP provides direct exposure to the spot price of the underlying asset while charging the lowest fee among similar products in the region when compared to other crypto trackers in Europe.
Fully collateralized by Ripples native token, kept in cold storage, and listed on a number of major European exchanges, including Börse Xetra and Euronext Paris, this product is now fully backed. Crypto enthusiasts now await similar products from XRP ETFs in the U.S., particularly with the regulatory environment likely to shift under new leadership.
XRPs Price Outlook Brightens
Market predictions for the token indicate that the token might still go upwards and reach as high as $1.53 by the end of November, providing a gain of 25.11%. Longer-term predictions for 2025 show that it will be changing within the range from $0.80 to $4.15, while its average price might be as high as $2.16.
This can be attributed to the strengthened position of Ripple after the partial court victory it had earlier in the year against the SEC. Ripple got away with a fine of $125 million for institutional sales of XRP, less compared to the $2 billion sought by the SEC. Should Gensler leave and regulation go on to change with the new administration, then XRP is well positioned in light of that evolving landscape.
Related Reading | Solana Takes Center Stage With Spot ETP Filing
Read more: https://www.tronweekly.com/xrp-climbs-72-eyes-4-15-by-2025-as-sec-chair/
Text source: TronWeekly
