The cryptocurrency market witnessed a significant surge in XRP’s price following an announcement by Gary Gensler, the current Chairman of the Securities and Exchange Commission (SEC), that he plans to step down in January 2025. This unexpected revelation has fueled widespread speculation regarding the potential conclusion of the ongoing XRP-SEC lawsuit before Gensler’s exit.
Speculation Surrounding a Possible Settlement
The announcement has ignited discussions across social media platforms, with users speculating that Gensler and the SEC might propose a settlement with Ripple before his departure. The rationale behind this speculation is that the SEC may want to avoid the perception of failure or, at the very least, claim a partial victory.
However, former SEC attorney Marc Fagel has weighed in on the matter, expressing skepticism about the likelihood of a settlement. Fagel highlighted that the SEC has already achieved partial success in the lawsuit. He questioned why the commissioners who previously supported appealing the remaining aspects of the case would change their position now. While acknowledging that a settlement is possible, he considers it improbable and reassures that the case is unlikely to be dismissed.
“They already won half the case. I don’t know why the same commissioners who voted to appeal the other half would reverse course now. Possible, but seems unlikely.” – Marc Fagel
Conclusion: What Lies Ahead for Ripple and XRP?
With XRP’s price reaching an impressive $1.5, accompanied by an increase in trading volume, market analysts are optimistic about the cryptocurrency’s future. Some experts predict that XRP could experience a further price increase, potentially reaching $2 in the near future. The current bullish momentum is bolstered by several key developments, including the anticipated launch of an XRP exchange-traded fund (ETF) in the United States, which could propel its value even higher.
Another factor contributing to XRP’s recent rise is its listing on major European exchanges, signifying a growing acceptance and adoption of the cryptocurrency. Ripple’s CEO, Brad Garlinghouse, remains optimistic about XRP’s future prospects, especially considering the potential appointment of Scott Bessent as Treasury Secretary under a Donald Trump administration. This political development could further enhance XRP’s outlook.
Looking ahead, legal expert Jeremy Hogan suggests that the Ripple vs. SEC case could reach a resolution by the spring or early summer of 2025. Gensler’s exit may expedite the process, potentially leading to a more favorable regulatory environment for XRP, which would benefit both Ripple and its investors.
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