XRP Soars, BTC Nears $100,000 as Gary Gensler Confirms SEC Exit

Ripple’s XRP token has surged and crypto market leader Bitcoin (BTC) is closing in on the psychological $100,000 mark after U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said announced he would resign next month.

The XRP transfer token has climbed 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 hitting a new all-time high (ATH).

Ripple CEO ‘grateful’ that Gary Gensler is resigning

This came after Gensler announced his resignation in a Nov. 21 thread on Donald Trump as president.

On January 20, 2025, I will leave office @SECGov Chair.

A thread 🧵⬇️

–Gary Gensler (@GaryGensler) November 21, 2024

“It has been the honor of a lifetime to serve with them on behalf of everyday Americans and ensure our capital markets remain the best in the world,” he said.

Brad Garlinghouse, CEO of Ripple retweeted The thread about Gensler’s resignation on X, adding that he is “grateful” for Gensler’s resignation on Thanksgiving.

This follows a years-long lawsuit between Ripple Labs and the SEC over the security status of XRP.

Bitcoin Nears $100,000 as Gensler Resignation Boosts Crypto Euphoria

With Gensler leaving the SECOND and pro-crypto president-elect Donald Trump Coming to the White House next year, cryptocurrency prices began to rise due to investor euphoria.

Market leader Bitcoin set a new all-time high of $99,467.89 earlier today. With the new spike, BTC is within $1,000 of the major $100,000 milestone.

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

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

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

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

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

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