XRP, the seventh-biggest cryptocurrency by market capitalization, hit a new 2024 high of $0.847 on Thursday on the Bitstamp exchange.

The controversial token has surged by 16% over the past day alone. This makes it the top gainer among the top 100 tokens on cryptocurrency ranking website CoinGecko. Hedera (HBAR) and Stellar (XLM) come in second and third places after rallying 9.5% and 6%, respectively.

As reported by U.Today, the Ripple-affiliated token surged sharply higher on Thursday amid speculation that U.S. Securities and Exchange Commission Chair Gary Gensler might step down as soon as this Friday.

Gensler's recent remarks suggest that he might end up leaving the agency in the near future.

The term of the current SEC boss has been defined by his legal battles with major crypto companies, including Ripple.

Stuart Alderoty, Ripple's top lawyer, recently amped up his criticism of Gensler, arguing that he has caused significant institutional damage to the SEC. "His legacy of undermining American innovation, and failing to uphold the law is shameful, he said.

As many as 18 conservative states, including Texas and Florida, recently sued the SEC over its cryptocurrency clampdown.

"With 18 states suing to hold him [Gensler] accountable, I look forward to him soon becoming an unfortunate footnote in SEC history," Alderoty commented.

Of course, even after the most recent rally fueled by Gensler's seemingly imminent departure, XRP remains one of the worst-performing tokens overall. It is down 76.2% from its record high that was achieved almost seven years ago.