Ripple (XRP) experienced a strong increase in price after SEC Chairman Gary Gensler announced that he would resign.
Gensler's announcement that he will be leaving office has led to XRP$XRP
caused it to gain value. The popular altcoin, which has recently gained value under the influence of Bitcoin, has become even stronger with this positive news. Ripple, which has been in legal battles with the SEC and Gensler for a long time, has gained significant relief with this development.
Pantera’s chief legal officer Paglia touched on the possibility of the SEC dropping its current lawsuits at the North American Blockchain Summit in Dallas, Texas, on Nov. 21. However, he said the likelihood of this happening is low. Paglia addressed rumors that SEC Commissioner Hester Peirce will be in charge of crypto matters until a new chair is appointed. He also noted that many ongoing cases could be resolved in January or February, adding, “We eagerly await these developments.”
The SEC, led by Gary Gensler, has taken legal action against leading crypto companies such as Ripple, Coinbase, Binance, Kraken, Uniswap, OpenSea, Consensys, Crypto.com, and Robinhood. The resolution or easing of these cases after Gensler’s resignation could be a relief for the crypto world. Ripple could be one of the companies that stands to benefit the most from this development.
“Target for XRP is $2!” The crypto analyst known as Ali_charts (now X) on Twitter shared his price target for XRP. “Gary Gensler leaving the SEC is the best news for Ripple!” the analyst said, predicting that XRP could reach $2. The flag formation in technical analysis supports the possibility of an uptrend.