(Source: CentBit.Online – Crypto & Blockchain Expert Bangladesh)
Ripple’s native token, XRP, experienced a sharp 25% surge on Friday, reaching $1.37. This dramatic increase follows the announcement of SEC Chair Gary Gensler’s resignation, set for January 20, 2025—the same day as President-elect Donald Trump’s inauguration. Over the past week, XRP has gained an impressive 65.7%, reflecting renewed investor optimism.
Ripple Effect Across the Crypto Market
Bitcoin also witnessed a significant price movement, edging closer to the $100K mark following the news. Investors are optimistic that the incoming administration will foster a crypto-friendly regulatory environment, potentially benefiting not only XRP but also other digital assets like Solana (SOL), which are poised for ETF approvals.
Trump has already hinted at nominating an SEC chair with a pro-crypto stance, aiming to establish policies that encourage growth within the industry.
Ripple CEO Hints at Thanksgiving Optimism
Ripple CEO Brad Garlinghouse expressed his gratitude on social media, hinting at brighter days ahead for XRP and the broader crypto market:
“This Thanksgiving, I’m thankful for…”
The Ripple vs. SEC Saga: A Turning Point?
Gensler’s resignation could significantly reshape Ripple’s legal battle with the SEC, which began in December 2020. The SEC accused Ripple of selling XRP as an unregistered security, a lawsuit that sent shockwaves through the crypto industry.
The legal uncertainty led to:
- XRP being delisted from multiple exchanges.
- A substantial decline in its market value.
In July 2023, a partial ruling in Ripple’s favor determined that XRP’s programmatic sales on exchanges were not investment contracts, sparking a temporary rally. However, the SEC’s subsequent appeal reignited concerns about the token’s legal status.
With Gensler stepping down, industry experts speculate that the new SEC leadership could:
- Withdraw the appeal.
- Seek a settlement with Ripple, removing longstanding regulatory uncertainty.
XRP and the Future of Crypto Regulation
Gensler’s tenure was marked by strict enforcement actions that stifled innovation in the cryptocurrency space. His resignation is seen as a potential turning point for the industry, with many hoping for policies that balance regulation and growth.
As Ripple’s legal battle nears a possible resolution, XRP’s resurgence signals a renewed confidence in the token’s future. If regulatory clarity emerges, XRP could reclaim its position as a dominant force in the crypto market.
For more insights on XRP, blockchain, and crypto regulation, stay updated with CentBit.Online – your expert guide to cryptocurrency and blockchain trends in Bangladesh and beyond!
