XRP Could Reach $1 Today as Influencer Hints to Epic Pump
XRP, Ripple's cryptocurrency, has risen significantly. The price is around $0.80 currently. This increase follows SEC Chair Gary Gensler's possible resignation, which many feel might improve cryptocurrency regulation.
Legal Challenge to SEC
The SEC was sued by 18 states, including Texas and Florida, on November 14 for unlawful bitcoin regulation. The DeFi Education Fund's complaint claims that the SEC's aggressive prosecution of crypto companies without clear standards has stifled innovation and violated states' rights to control own economies.
Kentucky Attorney General Russell Coleman said this court action seeks to reduce excessive federal regulation that hurts digital market consumers.
Possible Gensler Resignation Implication
Gensler said he was honored to serve at the SEC in a Practicing Law Institute lecture, hinting to his retirement. His resignation might signal the conclusion of Ripple's legal struggle for XRP's security status.
In addition to these legislative reforms, Ripple will create a USD-backed stablecoin on its ledger, improving its ecosystem and utility for consumers and developers. This should boost XRP Ledger adoption and liquidity.
Analysts expect XRP to climb to $1 or more as market confidence improves for the reasons above.
After Trump became president in 2024, cryptocurrency saw significant investment. XRP is currently $0.8543, up 18.9% in 24 hours. Weekly and monthly gains for XRP exceed 50%.