Ripple’s XRP, the cryptocurrency has seen a significant surge in its price. The price has reached approximately $0.80 today. This surge comes amid speculation surrounding SEC Chair Gary Gensler’s potential resignation, which many believe could lead to a more favorable regulatory environment for cryptocurrencies.
Legal Challenge Against the SEC
On November 14, 18 states including Texas and Florida, filed a lawsuit against the SEC accusing it of unconstitutional overreach in its regulation of the cryptocurrency industry. The lawsuit, supported by the DeFi Education Fund, argues that the SEC’s aggressive enforcement actions have targeted crypto firms without clear guidelines, hindering innovation and infringing on states rights to regulate their economies.
Kentucky Attorney General Russell Coleman emphasized that this legal challenge aims to curb excessive federal regulation that harms ordinary citizens participating in the digital market.
Implication of Gensler’s Potential Resignation
Gensler hinted at his resignation during a speech at the Practicing Law Institute, stating he was proud to serve at the SEC. His departure could potentially indicate an end to the ongoing legal battle against Ripple, which has faced scrutiny over whether XRP should be classified as a security.
Future Developments for Ripple’s XRP
In addition to these regulatory changes, Ripple is set to launch a USD-backed stablecoin on its ledger, further enhancing its ecosystem and increasing utility for users and developers. This development is expected to drive adoption and liquidity within the XRP Ledger community.
Analyst predict that due to the reasons stated above, XRP could see a substantial price rally, possibly reaching $1 or more as investor sentiment shifts positively.
$XRP could reach $1 in less than 24h 🚨 pic.twitter.com/3UAfm0K8Qr
— EDO FARINA 🅧 XRP (@edward_farina) November 15, 2024
After Trump was elected the 2024 U.S. President, the cryptocurrencies have seen a prominent amount of investment. At press time, the price of XRP stands at $0.8543 with a surge 18.9% in the last 24-hours. XRP’s weekly and monthly gains have surged over 50%.
As market dynamics evolve, XRP’s future looks increasingly promising amidst these significant regulatory shifts.
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