Mark Uyeda Is New SEC Chair: Could the Ripple Lawsuit Take a New Turn?
The post Mark Uyeda Is New SEC Chair: Could the Ripple Lawsuit Take a New Turn? appeared first on Coinpedia Fintech News
A day before the inauguration of Donald Trump, Gary Gensler, as promised, resigned from the post of the chairman of the Securities and Exchange Commission. Mark Uyeda, a pro-crypto Republican, has been appointed as the interim chairman of the US regulatory body by newly inducted US President Donald Trump.
Importantly, many believe that this change could impact Ripple, which struggled under Gensler. In the last 30 days, XRP has outperformed all the top ten cryptocurrencies, including BTC, ETH, SOL, BNB and DOGE, with a growth of 36%.
Gary Gensler’s Resignation Brings Relief to Ripple
On the day when Trump defeated Kamala Harris, Gensler announced his decision to resign from his position. As promised, he resigned from the post before the inauguration. Ripple was one of those cryptocurrency companies that confronted serious troubles due to the unsupportive attitude of Gensler against the crypto industry. Many XRP enthusiasts believe that the change could positively impact Ripple’s XRP.
Moreover, Mark Uyeda, who has been appointed as the interim chairman of the US SEC by Trump, in the past, strongly criticised the Gensler-run SEC’s repressive approach against the cryptocurrency sector.
XRP’s Current Market Performance
On November 5, 2024, the price of XRP was around $0.5124. Since then, the market has grown by 505.85%. Between November 5 and 30 alone, the market climbed by 279.85%. On December 1, the market entered a range of $2.0591 and $2.7263. On January 15, with the single-day surge of 18.23%, the XRP market broke above the range. On January 16, the market touched a peak of $3.4021.
Right now, the XRP price stands at $3.1013 – at least 9.69% below the aforementioned peak.
XRP ETF Approvals and Whale Activity
XRP enthusiasts anticipate that the new SEC administration will give approval for the release of XRP ETFs.
Reports suggest that crypto whales have purchased at least 100 million XRP in the last 48 hours.
Long-Term XRP Predictions
Technical analysts point out that XRP has recorded at least 60% green days in the last 30 days, highlighting the existence of a strong bullish trend in the XRP market.
Emphasising the future potential of the XRP market, experts forecast that XRP could reach $4.33 by April 2025.
In conclusion, Ripple’s journey under a pro-crypto SEC could redefine its future. With bullish predictions and ETF hopes, XRP may soon achieve its long-awaited breakthrough.
