XRP and various other digital assets flagged by the U.S. SEC are surging amidst the announcement of Donald Trump’s inauguration date and SEC chairman Gary Gensler’s resignation.
After moving sideways for around 2 years, XRP recently broke the spell by achieving a 180.50% increase in 30 days. Crypto analysts see this surge as the beginning of a huge bull run, which is expected to peak on January 20, the inaugural day of Trump where there is a strong chance for the announcement of the new SEC chairman.
Besides XRP, tokens like ADA and SOL, highlighted in SEC litigation, also surged to yearly highs. This article will mainly focus on XRP and analyze its current scenario. We will get into the details behind the uptrend and try to predict its next moves.
The Battle of XRP With SEC
When the SEC (U.S. Securities and Exchange Commission) flagged XRP as one of the unregistered securities, it became a shady currency among the public. SEC filed a lawsuit against Ripple on December 20, and the case is still not settled. In July last year, a U.S. court approved XRP as a qualified asset, however, the SEC appealed against this judgment immediately, seeking further clarity and a final judgment on XRP, but it again extended.
Despite all the recent developments in regulatory clarity, the 3-year-old XRP-SEC case is still ongoing. Meanwhile, the resignation announcement of SEC chairman Gary Gensler is giving hope to XRP hodlers. Also, the SEC was sued by a group of attorneys on Thursday for crossing the boundaries in enforcing laws against digital assets and exchanges.
Gary Gensler’s Resignation and XRP’s Surge
As Gary Gensler prepares to resign from his role as the chairman of SEC, the web3 community expects a major shift in cryptocurrency’s regulatory framework. Gensler was criticized for his strict policies regarding crypto trade. Genlser’s Joe Biden government implemented record-high regulations on blockchain currencies over the past years while Donald Trump endorsed them. Trump even said at a Bitcoin conference that he would make the US “the crypto capital of the planet”. At the same time, Gensler smashed it by calling it fraudulent technology.
The resignation of Gensler will happen on January 20th, 2025, the same day as Trump’s inauguration. Stuart Alderoty, the chief legal officer at Ripple, replied to this news by tweeting “Ripple provided the blueprint to defeat Gary Gensler’s inexplicable war on crypto. We kept the door open long enough for the industry to survive and seize this incredible moment.” Along with Alderoty’s tweet, various crypto experts also came up with responses, implying that Ripple will win the case.
Where is XRP Heading To?
The recent updates surrounding Ripple have created discussions among the web3 community, sparking various rumors and speculations. All these attracted new buyers to XRP, including institutional investors. Despite the small dips, XRP seems to continue its wave-like upward movement.
However, it is important to note that the price will have fluctuations in relation to various upcoming events, including the attitude of the next SEC chairman, the nature of new regulatory frameworks, and obviously the verdict of the case.
Should I Invest in XRP?
The investment decision is up to you. You have to bring your own light and do your own research. However, do keep these things in mind before making a decision:
- Despite the surge of 180.50% in 30 days, the coin is still 62.25% down from its all-time high of $3.84, which was 7 years ago. So, keep in mind that, to reach new heights, XRP has a long way to go.
- There is a strong possibility for the verdict to come out as the one not expected by XRP maximalists. If this is the case, we will see another bloodshed in XRP charts.
- Always do deep research if you plan to invest a higher amount in XRP. Otherwise, you can take a chance by investing the money you can afford to lose. Anyway, DYOR is highly recommended.