Ben Armstrong, better known as BitBoy, has shared his views on the possible impact of a resignation of SEC Chairman Gary Gensler on the XRP price.
During his presidential campaign, Donald Trump promised that he would fire Gensler on the first day of his presidency. After Tuesday’s elections, Trump has won and will return as president of the United States.
Crypto market reacts to Trump’s victory
Remarkably, the crypto market is already feeling the impact of Trump’s victory. Bitcoin has been on a surge, breaking previous resistance levels and hitting new all-time highs. On Wednesday morning, Bitcoin surpassed $75,000, and later in the day it climbed further to $76,400 as crypto enthusiasts celebrated Trump’s victory.
XRP has also benefited from positive market sentiment. The XRP price rose earlier today to $0.5739, the highest level in the past 30 days.
XRP price “will rise sharply” if Trump fires Gensler
Well-known figures in the crypto community, such as Armstrong, believe that the XRP price could rise significantly if Trump makes good on his promise to fire Gensler.
Many XRP holders blame the SEC chairman for holding back XRP’s potential during the 2021 bull market. They point to the lawsuit as a major factor that prevented XRP from reaching new all-time highs during the previous bull run.
According to BitBoy, XRP has a good chance of becoming one of the top 100 cryptocurrencies that could rise the fastest in this cycle, should Trump actually fire Gensler.
Immediate impact uncertain
It remains unclear how the SEC chairman’s resignation would directly affect the XRP price, as the coin is no longer embroiled in a lawsuit and now benefits from clear regulations in the US.
Yet Armstrong’s prediction that Gensler’s dismissal would provide a significant boost to XRP is widely supported by several crypto analysts. Some even speculate that such an event could cause XRP to explode again, similar to the spectacular 75,000% growth the coin experienced in one year in 2017.
Criticism from the community
However, not everyone agrees with this optimistic view. “That’s not going to happen. Sorry to shatter that dream, Ben,” said X user Erik Huisman. He added that BitBoy may be giving his followers false hope of a substantial XRP price increase.
Other reactions indicate that Gensler may voluntarily resign now that Trump has won, to avoid the humiliation of a forced resignation.
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Source: https://newsbit.nl/bitboy-xrp-koers-kan-gigantisch-gaan-stijgen-als-trump-dit-doet/
