Altcoin
XRP Jumps 5% After SEC Crypto Enforcement Chief Resigns
Today, XRP saw a significant price increase, rising by 5% and outperforming all other top 100 altcoins. This upward movement followed the announcement of the resignation of David Hirsch, head of the Crypto Asset and Cyber Unit in the Division of Enforcement at the US Securities and Exchange Commission (SEC).
At approximately 10:30 UTC on June 17, 2024, David Hirsch announced his departure from the SEC via a LinkedIn post. In his message, Hirsch reflected on his nearly three-year tenure, expressing pride in the Crypto Assets and Cyber Unit team’s accomplishments. He mentioned that his time at the SEC involved complex and challenging investigations, which were successfully managed through collaboration and combined efforts with various partners.
Hirsch expressed his gratitude toward mentors, colleagues and friends, noting the team-oriented nature of applying for degrees. He also shared his excitement for the challenges ahead and his immediate plans to take time off and travel with his family before his son heads off to college in the fall.
Shortly after that of Hirsch announcement, the price of XRP has seen a notable increase. Analyzing the 1-day XRP-USD price chart, you can observe a significant increase in the value of XRP around the time of the announcement. The chart shows a steady climb starting around 10:30 UTC, which correlates to the time of Hirsch’s post. Prior to this surge, XRP was trading around $0.488 and reached $0.512, marking a clear positive response from the market.
Year-to-date, XRP has experienced significant volatility, reflecting broader market trends and regulatory developments. Starting for the year around $0.64, XRP faced a downtrend, reaching lows of around $0.48 in early February. This decline was influenced by market uncertainties and regulatory pressures. However, XRP managed to stage a recovery, peaking near $0.72 in late March, driven by positive market sentiment and speculative trading.
Since then, the price has fluctuated, with notable declines in mid-April and early May, aligning with market-wide corrections. In mid-June, XRP recovered from its recent lows, supported by news of regulatory changes and leadership changes, including the recent resignation of David Hirsch. The current price surge to $0.512 reflects renewed investor confidence and highlights the cryptocurrency’s resilience in dealing with a complex regulatory landscape.
Featured image via Pixabay