After Gensler’s departure, XRP jumps 25% because the SEC will not have an appeal
Key receivers
XRP's price has risen 25% since Gensler's post-Gensler reduced SEC enforcement speculation. Pantera faces fewer SEC charges and layoffs after Gensler's departure.
Share this article
Ripple's XRP token rose 25% on Friday to over $1.4, maintaining an upward trend after SEC Chairman Gary Gensler announced his term will officially end on January 20. may lead. In SEC vs. Ripple's decision to pursue the appeal.
Consensys CEO Joe Lubin expects a favorable legal environment for digital assets under Trump's presidency. He suggested that ongoing SEC cases against crypto companies could be “dismissed or resolved”.
Panthera's legal chief, Catrina Paglia, expects fewer actions and possible firings following Gensler's departure. Many SEC charges against crypt-Gensler are expected to be reduced or dropped without substantial evidence of guilt.
A new leadership may lead the SEC to come to an agreement with Ripple instead of continuing the long litigation. Although financial penalties may be involved in the settlement, Ripple can continue to operate without the ongoing burden of litigation.
According to data from CoinGecko, XRP is up 138% this year, underperforming Ethereum and closing in on Bitcoin's year-to-date gains.
The sixth largest by market capitalization, the cryptocurrency market has experienced a period of stagnation since last year's market recovery, with prices hovering between $0.5 and $0.6, while most of the crypto market is on the rise.
Just last week, XRP crossed the $1 threshold, gaining the highest price in three years on rumors about Gensler's potential resignation and a meeting between Trump and Ripple's CEO. The first is now confirmed.
According to crypto analyst Ali Martinez, XRP has now seen the $2 level. He believes Gensler's exit from the SEC is “the best thing that could have happened to Ripple.”
@GaryGensler leaving @SECGov is the best thing that could happen to @Ripple. Right now, $XRP is targeting $2! pic.twitter.com/LLE4n0MC8z
— Ali (@ali_charts) November 21, 2024
Future XRP ETFs
The approval of the spot XRP ETF in the US could act as a bullish driver for the price of XRP.
Bitwise and Canary Capital are seeking SEC approval for their respective XRP ETFs. These proposed EFAs are currently on hold due to ongoing legal disputes over XRP's status as a security.
On Thursday, asset manager Wisdomtree announced the launch of a physical XRP ETP in Europe.
The fund, also known as the WisdomTree Physical XRP ETP (XRPW), aims to give investors exposure to the spot price of XRP.
WisdomTree claims this product is the lowest cost XRP ETP in Europe and is fully asset-backed, securely stored in cold storage.
While this is launching in Europe, many members of the crypto community are hoping that similar XRP ETF products will launch in the US soon.
Share this article
