XRP, ADA, SOL Rally Amid SEC Chair Exit and Trump Victory Boosts Crypto

After US Securities and Exchange Commission Chair Gary Gensler, the industry’s archenemy, announced his intention to step down, digital assets that the agency had designated as unregistered securities began to rally.

Since Trump’s election triumph on November 5, XRP, ADA, and SOL have all surpassed Bitcoin, which has gained over 47%.

Gensler plans to leave in January, the day before the president-elect is inaugurated, having previously promised to be fired by crypto backer Donald Trump.

Gensler has been vocal about his disapproval of the digital-asset industry’s alleged lack of compliance and reckless behaviour since the scandalous blowups that rocked the industry two years ago

XRP Surges 164% in a Month Following Gensler’s Departure Announcement

The Ripple Labs Inc. coin XRP saw a 20% increase on Friday after Gensler’s statement the previous day. Concerning the legitimacy of digital assets, Ripple and the SEC have been in a protracted legal dispute.

As of today, the price of XRP rose 11.21% in 24 hours and 17.81% in past 7 days. The price of XRP has increased to whopping 164.53% in this month alone.

ADA Soars 22% This Week as Whales Accumulate in Anticipation of Crypto-Friendly Legislation

The price of ADA, the native coin linked to Proof-of-stake Cardano blockchain, rose 22% this week. It brought the month-to-date gain to 152%. This has increased the token’s market capitalisation to $30.85 billion, which makes it the world’s tenth-largest digital asset.

In anticipation of crypto-friendly legislation during Trump’s presidency, whales are constantly accumulating ADA, which has led to the surge. According to Tagus Capital, whales now own more than $12 billion in ADA.

According to data from analytics firm IntoTheBlock, the number of major ADA transactions has increased by 300% in the last two weeks.

Solana Hits New Highs, Fueling Speculation Amid Shifting Crypto Regulations

Similarly, after three years, Solana (SOL) broke its all-time high price record, surpassing $260 on Thursday. SOL is up 7% today, 21.93% last week, and 56.76% for the month. Solana has extended its recent hot streak following the victory of crypto candidate Donald Trump in the United States presidential election earlier this month.

While Bitcoin, the largest digital asset, is considered a commodity, the SEC, led by Gensler, contends that the majority of other tokens are unregistered securities that should be subject to its control. The business anticipates this type of crackdown to subside under a Trump administration as regulations are clarified.

As speculative fervour grows, some market participants anticipate a shift towards smaller tokens rather than Bitcoin alone.

Bitcoin is on the verge of reaching the historic $100,000 barrier, which sceptics thought was possible. The impetus from Trump’s victory, along with robust demand for Bitcoin exchange-traded funds, drove a 135% increase this year.

Trump has committed to establish a favourable US crypto regulatory framework and a strategic Bitcoin stockpile.

The president-elect was formerly sceptical of cryptocurrency, but he changed his mind when digital-asset corporations spent extensively during the election campaign to promote their interests. On top of that, he’s got his own cryptocurrency projects.