The entire crypto market has been feeding off the momentum ignited by the recent electoral victory of Donald Trump. The total market valuation exceeded $3 trillion and trade volumes have recorded several hundreds of billion dollars since the election outcome. Bitcoin topped $89k today, with the potential of crossing the $90,000 mark soon.
Meanwhile, XRP also joined in the rally, posting about 27% gains since November 5. This latest movement has brought excitement across the XRP community as members have previously worried about the slow movement of the coin. Notably, the XRP rally is primarily fueled by Trump’s promise to reform the Securities and Exchange Commission (SEC).
Gary Gensler to Lose His Job on Trump’s First Day
Recall that during Donald Trump’s election campaign rally, he promised to overhaul the SEC, starting by removing its current chair, Gary Gensler. Trump has been of the idea that the stringent policies by the regulatory watchdog have stifled the growth of the crypto sector in the country. He promised that under his watch, the United States would be established as the Bitcoin capital of the world where blockchain innovations would be extensively supported.
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His promises particularly resonated with the XRP community because the coin’s growth has been suppressed by the long-running court battle between Ripple and the SEC. The blockchain giant company, Ripple, was sued by the SEC in December 2020 on grounds of allegedly issuing unregistered securities in XRP to investors.
However, a court’s ruling in July 2023 dismissed the SEC’s claims about the status of XRP and declared it non-security. Since then, there have been several pivotal moments in the lawsuit. Most recently, on August 7, Judge Analisa Torres ordered Ripple to pay $125 million in civil penalties for offering XRP to institutional investors, tagging it as security sales.
The SEC, dissatisfied with the ruling, filed a notice of appeal in October, challenging the programmatic sales of XRP on digital asset exchanges. Similarly, Ripple filed a cross-appeal, seeking clarity on the specifics of an investment contract, and potentially extending the court battle until the second half of 2025.
Interestingly, SEC’s Enforcement Director, Gurbir Grewal, announced his resignation in October, sending excitement across the XRP community. Gary Gensler’s imminent removal would deal further blow to the enforcement agency. If a pro-crypto commissioner takes the seat, it could signal the end of a long era of crypto suppression in the United States.
XRP to $0.75 Next?
On the technical side of things, the recent XRP rally has sent it to $0.66, above its 0.786 Fibonacci retracement line. Notably, this level was key in holding XRP’s potential increase in March-April 2024, and July-September 2024 sessions. Consequently, it led to an over 20% decline in value.
Source: TradingView
If this resistance level of $0.66 continues to hold, XRP might see a continuous bullish cycle that could rocket the value of the coin toward $0.75 this month. However, if this level fails to hold, the selling pressure on the coin might increase, leading to a marginal decline to $0.60. Meanwhile, more good news might unfold for the XRP community in early 2025 when Trump takes office. The removal of Gary Gensler might shoot the token’s price above $1.
Read Also: Here is the Latest Update on the Ripple vs SEC Lawsuit
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.