Ben Armstrong, popularly known as BitBoy, a renowned media personality, has shared his insight on the potential impact on XRP price if Donald Trump, the newly-elected president, were to remove the SEC Chairman Gary Gensler from his position. During Trump’s campaign, the pro-crypto President had stated that he would fire Gensler on day one of his presidency. This follows the Tuesday U.S. elections, in which Trump secured the presidential seat.
The crypto market has already felt the impact of Trump’s victory with Bitcoin surpassing previous resistance levels and reaching new all-time highs. The leading cryptocurrency broke the $75,000 mark early Wednesday morning and rose even further by late evening, reaching $76,400, a significant milestone celebrated by crypto enthusiasts.
XRP price has also enjoyed a bullish market, rallying to its 30-day high of $0.5739.
Armstrong is among the key community figures who believe that the XRP price could experience a significant increase if Trump were to follow through with his promise to remove Gensler from his chairmanship.
Many XRP holders have accused the SEC chairman of limiting XRP’s potential during the 2021 bull run. The lawsuit, they argue, was a significant factor that prevented XRP from reaching new all-time highs during the last bull market.
BitBoy opines that XRP stands a strong chance of being among the top 100 crypto assets that could “pump hardest” this cycle if Trump were to fire Gensler.
Despite overcoming the lawsuit and securing a more favorable regulatory position in the U.S., XRP has underperformed this bull season in comparison to other cryptocurrencies. For instance, Solana and BNB have seen year-to-date gains of over 85%, while XRP has posted a negative growth of 10%.
There is ongoing speculation among holders about the event that could trigger a surge in XRP price, with some pointing to Gensler’s potential dismissal as a potential catalyst.
However, it remains unclear how Gensler’s dismissal would directly influence XRP, given that the asset is no longer involved in the lawsuit and has already secured favorable regulatory clarity.
BitBoy’s belief that Gensler’s dismissal would boost XRP was echoed by several market commentators. Some even suggested that this single act could cause XRP to pump as violently as it did in 2017, when it recorded an astonishing 75,000% growth in a year.
Yet, not everyone shares this optimistic viewpoint. Critics argue that an XRP pump is unlikely following Gensler’s dismissal. Erik Huisman, an X user, stated that BitBoy was giving his followers false hope about a substantial XRP price gain.
There is also speculation that Gensler might voluntarily resign, following Trump’s victory, to avoid the humiliation of a forced dismissal.
