Rumors of a settlement in the case between Ripple and the U.S. Securities and Exchange Commission (SEC) have gained momentum following an enthusiastic post from Ripple’s Chief Legal Officer Stuart Alderoty.
While there has been a long-standing debate in the XRP community on this issue, SEC Chairman Gary Gensler’s announcement of retirement plans on November 21 has further fueled the rumors. Ripple’s general counsel Alderoty’s November 23 post hinting that the case is nearing its end has further fueled these rumors. In his post on X, Alderoty praised Ripple CEO Brad Garlinghouse, Chairman Chris Larsen, and the entire legal team for their resistance to the SEC and Gensler. He also stated that Ripple has provided a roadmap in its fight against Gensler’s regulatory pressures, and that the company’s resistance has ensured the survival of the crypto industry.
Alderoty’s message galvanizes XRP community
This post seemed to confirm rumors that have been spreading widely in the XRP community about an imminent settlement between Ripple and the SEC. TechCrunch founder Michael Arrington also shared the message, stating that Ripple had made a case for beating Gensler, sending a wave of joy through the community. Arrington further excited the community by emphasizing the importance of the day.
However, the XRP price continues to consolidate below its multi-year high of $1.62 despite increasing speculation about a possible settlement with the SEC. Although the price has increased following Gensler’s retirement decision, XRP has retreated to $1.27 in yesterday’s trading.
However, the cryptocurrency, which started the new week with a 5% increase, is currently trading at $ 1.5. The perception in the XRP community is generally optimistic, and many investors expect the sixth-largest cryptocurrency to continue to increase in value.
Positive expectation in the XRP market
Gary Gensler’s announcement that he will step down in January 2025 was met with great joy in the XRP community. Considering Donald Trump’s promise to fire Gensler the day he takes office, the new SEC chairman is expected to adopt a crypto-friendly stance. However, despite the change in leadership, the fact that the Ripple case is still ongoing cannot be ignored.
While the XRP price has recently reached new 2021 highs, the current levels are considered a turning point for investors to watch closely. This rapid rise, along with the increased volatility in the market, offers opportunities, but also poses significant risks. Some analysts believe that a correction could see XRP potentially pull back to between $1 and $1.20.
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