2024-11-25 19:53 |
XRP’s recent surge has been impressive, with the Ripple-promoted crypto finally breaking above $1, a crucial technical and psychological assistance level. XRP, which has been a primary target during U.S. Securities and Exchange Commission Chair Gary Gensler’s leadership, spiked as the crypto foe prepares to resign in January. Now, some prominent industry commentators boldly assert that the token may never see below $1 again.
XRP’s Days Below $1 Are Over?The price of XRP surged above the $1 mark on Nov. 16 — marking a three-year high. The crypto has enjoyed a notable climb after Gensler revealed he would resign from his leadership position at the SEC when President-elect Donald Trump takes control of the White House in January.
XRP rallied to as high as $1.60 on Nov. 23 amid widespread belief of a shift toward a crypto-friendly regulatory environment for U.S.-based companies before the rally cooled off as of press time.
The token is still up 32.4% in the past 7 days and 173.9% in the past month, CoinGecko data shows. As of press time, XRP was changing hands at $ 1.45.
As the coin eyes the $2 level, pundits are increasingly convinced that the days of XRP plummeting below $1 are long behind it. Popular crypto analyst going by the online moniker The Bearable Bull on the X platform stated that we will never see XRP below $1 again.
US Regulatory Optimism Increases Over Imminent SEC ShakeupBlockchain payments firm Ripple has been locked in a lawsuit with the SEC since 2020 on allegations of selling the XRP cryptocurrency as a security to U.S. investors. Earlier this year, a federal judge slapped Ripple with a $125 million fine after finding last year that its institutional sales of XRP violated federal securities laws. However, she also ruled that the firm’s programmatic sales of the token to retail clients via exchanges did not violate any securities laws.
The SEC has since appealed a portion of the ruling. Nonetheless, investors are betting that while the regulator has hounded Ripple in court for years, a change in leadership at the SEC could lead to the regulator abandoning its four-year lawsuit altogether. This is because they expect the upcoming Trump administration to foster policies conducive to the maturing of the crypto industry due to his previously expressed pro-crypto sentiments on the campaign trail.
With the likelihood of a favorable resolution of the Ripple case and the potential for a more lenient regulatory environment under a new regime, confidence in XRP is growing. There are also expectations of spot XRP exchange-traded funds (ETF) in the U.S. after the unprecedented success of Bitcoin (BTC) and Ether (ETH) ETFs.
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