XRP Market Cap Surpasses $50 Billion With Gensler’s Confidence Removed

Key Points:

• XRP market cap surpasses $50 billion, making it the seventh-largest cryptocurrency.
• Speculation about SEC Chair Gary Gensler’s potential sparked investor optimism, contributing to XRP’s price rally.

XRP surged in its largest single-day gain in years, reaching $0.91 and propelling its market cap past $50 billion.

Read more: Ripple CEO Confident That A Spot XRP ETF Is Inevitable

XRP Market Cap Surpassed $50 Billion

The wild climb took the token to its highest value in over two years and slotted it as the seventh-biggest cryptocurrency by market capitalization, surpassing USD Coin’s market cap at $36 billion.

The XRP market cap jumped more than 21% in 24 hours on the back of high trading volumes that gave weight to the bullish movement. All this happened when the cryptocurrency market at large was cooling off, which demonstrated XRP’s specific trend.

Possible Resignation of SEC Chairman Serves as Catalyst for XRP Rally

The recent surge in the XRP market cap has been attributed to comments by Gary Gensler, the chairman of the SEC, who is always at the heart of the regulatory storm surrounding Ripple and the cryptocurrency XRP. Gensler’s announcement, which many interpreted as a possible resignation, seemed to spark optimism in the crypto market.

Investors were also affected by the political events of the U.S. presidential election. Statements by President-elect Donald Trump that he will remove Gary Gensler if successful in the election accelerated further the market sentiment. Ripple CEO Brad Garlinghouse was adding to the optimism, underlining how U.S.-related digital currencies such as XRP were resilient.