2024-11-19 20:00 |
XRP’s journey to surpassing the $1 mark has been anything but straightforward. The cryptocurrency began the current bull run with a slow start, struggling to maintain the $0.57 level following Donald Trump’s victory in the U.S. presidential election nearly two weeks ago. While Bitcoin swiftly reached new all-time highs in the wake of the election, XRP faced uncertainty, causing some investors to fear it might miss out on the broader market surge.
However, XRP demonstrated resilience this week by breaking above the $0.60 level on Monday. This momentum fueled subsequent gains, allowing the cryptocurrency to reclaim critical psychological milestones at $0.70, $0.80, and $0.90 on November 14 and 15. The decisive push came on November 16, when XRP spiked by 14.72%, finally crossing the $1 mark and reaching $1.19.
XRP’s price surge to over a dollar in a matter of days has been nothing short of extraordinary. Source: Brave New Coin XRP Liquid Index.
This achievement as a pivotal moment for XRP, positioning it for further growth toward its previous all-time high of $3.31. The recent rally has boosted XRP’s market capitalization to $59 billion, nearing the $60 billion milestone, and has propelled it past Dogecoin (DOGE) to become the sixth-largest cryptocurrency by market cap.
A critical driver behind XRP’s recent surge is the favorable legal developments surrounding Ripple Labs Inc. In a significant legal victory, the court issued an order favoring Ripple Labs and its CEO, Brad Garlinghouse, in the ongoing lawsuit with the Securities and Exchange Commission (SEC). Judge Phyllis Hamilton granted a motion agreed upon by both parties to move forward with a final judgment while placing a hold on the class claims brought by the plaintiffs. This ruling is seen as a major step forward, potentially signaling the end of the SEC’s challenge against Ripple’s classification of XRP.
The SEC had argued that Ripple’s sale of XRP amounted to an unregistered securities offering, generating $1.3 billion in revenue. However, the court’s decision to advance towards a final judgment while pausing class action claims has bolstered optimism among XRP holders. Legal experts, including Ripple’s CTO David Schwartz, believe that the lawsuit may ultimately be dismissed, though a settlement remains a possibility.
Is Gary Gensler On the Way Out?Additionally, the broader regulatory landscape has shifted in XRP’s favor. Speculation about the potential dismissal of SEC Chair Gary Gensler and the push for clearer cryptocurrency regulations under the current administration provide further tailwinds for XRP. Republican lawmakers targeting the SEC and former President Trump’s commitment to fostering innovation in the crypto space have reinforced positive sentiment towards XRP and the broader cryptocurrency market.
Gary Gensler, source: Wikipedia
Can Trump Really ‘Fire’ Gary Gensler?The President of the United States has the legal authority to remove the head of the Securities and Exchange Commission (SEC), but this is typically limited to cases of inefficiency, neglect of duty, or malfeasance, as the SEC is an independent regulatory agency. Although president elect Trump has said he will fire Gary Gensler on day one, to do so would clash with nearly 90 years of legal precedent.
While the President appoints the SEC Chair with Senate confirmation, their removal must align with established legal principles to avoid challenges tied to the agency’s independence. Supreme Court rulings, such as Humphrey’s Executor v. United States (1935), have upheld limits on arbitrary removals from independent agencies. Although legally possible, firing the SEC Chair for political reasons could provoke legal and political consequences. Nonetheless, having won the US Senate and the House of Representatives in addition to the presidency, there is no reason to expect any major consequences for President Trump for what would, for the most part, be a popular dismissal.
Recent strategic developments have also contributed to XRP’s growth. Ripple Labs announced the deployment of a EUR stablecoin on the XRP Ledger by 2025, enhancing cross-border payment efficiency and expanding XRP’s ecosystem. These advancements, coupled with increased institutional interest and regulatory relief, position XRP for sustained upward momentum.
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