close
close

first Drop

Com TW NOw News 2024

XRP, XLM and ADA lead market gains after Gensler’s resignation announcement
news

XRP, XLM and ADA lead market gains after Gensler’s resignation announcement

The price increases for these older-generation tokens are a sign that retail investors have returned to crypto, experts argued.

XRP, XLM and ADA lead market gains after Gensler’s resignation announcement

According to some, the latest increases could herald the start of the ‘altcoin season’.

(Shutterstock)

Posted on November 22, 2024 at 1:59 PM EST.

Tokens that hit the most recent crypto bull market in 2021 – namely Ripple Labs’ XRP, Stellar Lumens’ XLM and Cardano’s ADA – are outpacing the market during the past day to US Securities and Exchange Commission Chairman Gary Gensler, announced Thursday that he will leave his position on January 20.

XRP has risen 20% in the past 24 hours to $1.44 and a market cap of $82 billion, levels not seen since April 2021, CoinGecko data shows. Meanwhile, XLM and ADA also reached multi-year highs. XLM has risen by 32% in the last 24 hours to a highest point in three years of 33 cents and a market capitalization of roughly $ 9.9 billion, while ADA has risen by around 22% to 97 cents and a market capitalization of $ 34.8 billion, levels it has also reached. t reached since April 2022. In comparison, the market cap for all cryptocurrencies has remained stable at $3.4 trillion over the same period.

According to Max Sellers, head of sales at crypto data firm CCData, the price increases of the three tokens are largely due to Gensler revealing that he will step down as chairman of the SEC, a sign of a more crypto-friendly regulatory environment to come. . The SEC charged Ripple Labs in 2020 raising money through an unregistered securities offering, but that was the case organized in August 2024.

Read more: BONKDAO Burns $4 Million Worth of Tokens Ahead of Quest to Reduce Supply by 1 Trillion Tokens

Sellers said another factor in the tokens’ rise is their easier access for retail investors.

“(The recent price action) shows the return of retail investors,” Sellers told Unchained via Telegram. “These tokens have a low cost per unit price, which often outperforms as store volume and Coinbase app downloads increase.”

XRP is the third most popular token Binance And Coin base per 24-hour spot market volume of $2.4 billion, representing almost 6.3% of total activity for the centralized exchange popular outside the US, and approximately $1.1 billion, accounting for 11% of total volume for the company that is dominant in the US

Like Sellers, Jake O., an over-the-counter trader at Wintemute, also pointed to Coinbase’s increasing popularity in Apple trading. App Store as a sign that retail investors are returning and driving up the price of older tokens. “Re-entering participants are somewhat familiar with these names from the last cycle and are obviously using them as proxies to express their opinions,” the Wintermute trader told Unchained via email. “These older names tend to be better distributed in ‘easy-to-use’ apps like Coinbase and Robinhood.”

Read more: Stablecoin Supply Hits a Record $174.7 Billion, Pushing Crypto Liquidity to an All-Time High

The recent price increases in XRP, “Many altcoins could be listed as exchange-traded products on major traditional exchanges with a different SEC in the next six months,” Sellers argued.

“This is definitely a big story for altcoin season, with increased demand and volume from more traditional, larger asset managers,” Sellers added.