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XRP hits $1.49 as SEC leadership changes boost interest

XRP hits $1.49 as SEC leadership changes boost interest

GrafaGrafa2024/11/23 05:40
By:Liezl Gambe

XRP’s (CRYPTO:XRP) price hit $1.49 on Friday, its highest level since May 2021, following news of SEC Chair Gary Gensler’s upcoming resignation.

Investors are optimistic about a shift toward a more crypto-friendly regulatory environment as President-elect Donald Trump prepares to take office in January.

Over the past day, XRP has jumped 20% and nearly tripled in value since Election Day, when it hovered around $0.50.

XRP has long been targeted by the SEC, which labeled it a security in a 2020 lawsuit against Ripple Labs, the fintech firm that uses XRP for blockchain-based payments.

A federal judge ruled earlier this year that XRP is “not necessarily a security,” but the SEC appealed the decision, leaving regulatory uncertainty hanging over the asset.

Bitwise Senior Investment Strategist Juan Leon attributes XRP’s rally to hopes that Gensler’s exit could lead to an end to the four-year legal battle with the SEC.

“With Gensler on his way out and XRP’s stablecoin launching, investors are embracing a clear roadmap for XRP to fulfill its mission as a B2B blockchain payments network,” Leon said.

Ripple Labs’ CEO Brad Garlinghouse has reportedly been advising Trump’s transition team, signaling potential influence over crypto policy in the new administration.

Recent developments have broadened U.S. access to XRP, including its listing on Robinhood earlier this month, increasing retail investors’ exposure to the token.

Ripple’s Chief Legal Officer Stuart Alderoty has criticised Gensler’s leadership, claiming his policies intentionally created uncertainty in the crypto industry.

Although the SEC initially sought $2 billion in penalties from Ripple, a federal judge in August reduced the fine to $125 million, ruling that only institutional XRP sales violated securities laws.

Crypto influencer Connor McGlaughlin, a dedicated XRP supporter, believes the SEC’s case is unraveling, inspiring renewed confidence in the asset’s regulatory future.

“With the likelihood of a favorable resolution and a more supportive regulatory environment under a new administration, confidence in XRP is growing,” McGlaughlin said.

XRP’s price momentum reflects increasing optimism that regulatory hurdles may soon ease, allowing Ripple to expand its blockchain payment solutions globally.

As the SEC’s lawsuit appears weakened and the crypto industry anticipates policy changes, XRP’s upward trajectory underscores a broader shift in sentiment among investors.

At the time of reporting, Ripple price was $1.46.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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