The legal dispute between Ripple Labs and the US Securities and Exchange Commission (SEC) has been ongoing since 2020, limiting the value of Ripple’s cryptocurrency, XRP. XRP was once one of the largest cryptocurrencies, but its value has been hindered due to the lawsuit. Recently, XRP’s price has increased by 25% in the last 24 hours, nearing the psychological limit of one dollar.
This rise is fueled by speculation that SEC Chairman Gary Gensler might resign following Donald Trump’s victory. Ripple defends itself, stating that XRP is not a security but a digital currency similar to Ethereum and Bitcoin. If Ripple is victorious in the lawsuit, it may lead to more favorable regulations for the cryptocurrency market.
Given the increase in the price of XRP and the possibility of Gensler’s resignation, there is hope that Ripple may be able to overcome the legal obstacles it has faced. XRP’s trading volume has increased significantly, reaching over seven billion dollars in 24 hours. Despite this, technical indicators show that the recent rise may not be sustainable in the long term.
However, with a possible change in leadership at the SEC, the Ripple – SEC lawsuit could take a turn that may benefit Ripple and the cryptocurrency market.
