XRP price has skyrocketed since the news of the SEC chair Gary Gensler resigning landed in the market. Gensler’s resignation also prompted a response from Ripple’s CEO Brad Garlinghouse who expressed his happiness over the same.
With these developments, XRP price surged past 25%, currently trading at $1.39, up 25.73% as compared to the same time last day.
SEC Chair To Resign In 2024
SEC chair Gary Gensler has announced that he will resign on January 20th, 2025. The resignation news has garnered reactions from multiple market participants, out of which Ripple CEO’s remarks have been monitored the most.
Ripple CEO Brad Garlinghouse expressed his optimism over Gensler’s resignation saying “This Thanksgiving, I’m thankful for…(Gensler’s resignation)
The remarks are especially interesting given the Ripple VS SEC saga that has been going on for over 4 years.
Ripple VS SEC: What Has Happened So Far?
In the latest development of the case, the US SEC had filed a last-minute appeal in an effort to reverse the previous decision that benefited Ripple.
The SEC was contesting the July 2023 ruling that concluded Ripple’s XRP sales on digital asset platforms, CEO sales, and other XRP distributions did not meet the requirements for investment contracts.
In a previous trial, a US judge had determined that Ripple Labs Inc. had not broken federal securities law by permitting the sale of its coin, XRP, on public exchanges.
The business and its current and past CEOs were charged by the SEC with conducting an unregistered securities transaction for $1.3 billion by selling XRP, which was created by Ripple’s creators in 2012.
Even though the court gave the SEC a partial success, US District Judge Analisa Torres’ decision was the first victory for a bitcoin company in an SEC action. By stating that XRP could not be considered a security, the decision significantly limited the SEC’s jurisdiction over cryptocurrencies.
The SEC had originally accused Ripple Labs of conducting an unregistered securities offering by selling XRP, which the SEC categorized as a security, in a lawsuit it filed against the business in December 2020.
XRP Price: Will It Keep Rising?
Ever since the results of the 2024 US elections were declared, XRP has been trading in good territory, being in tandem with the larger crypto world.
The present sentiment for XRP is bullish, according to market technical indicators. Additionally, the coin’s Fear & Greed Index is currently at 82 (Extreme Greed).
Over the previous 30 days, XRP had 19 out of 30 (63%) green days and 33.81% price volatility. With 27 technical analysis indicators indicating optimistic signals and 5 indicating negative signals, the overall sentiment for the price prognosis of XRP is bullish, according to market data.