Ripple CEO Optimistic as a Pro-Crypto Congress Enters Capitol Hill

XRP's market performance is soaring alongside growing optimism in the cryptocurrency industry, fueled by a seismic political shift in Washington.

Ripple CEO Brad Garlinghouse is heralding the arrival of the 119th U.S. Congress on his X account on January 3, calling it “the most pro-crypto Congress in history.” XRP’s market performance is soaring amid growing optimism in the cryptocurrency industry, fueled by a seismic political shift in Washington.

The timing couldn’t be more critical. The Republican majority—dominating both chambers for the first time in six years—has renewed hopes for regulatory clarity in blockchain and cryptocurrency.

On January 3, XRP extended its rally, closing at $2.4535, up 2.21% in 24 hours, while the broader crypto market added 2.62%, bringing the total market cap to $3.41 trillion.

As a Pro-Crypto Congress Enters Capitol Hill, Ripple CEO Is Optimistic

The Republican-dominated House and Senate are fueling Garlinghouse's optimism. The GOP holds a 219-215 majority in the House and a 53-47 edge in the Senate, positioning them to push a pro-crypto agenda.

Trump-backed Mike Johnson was elected U.S. House Speaker on the first ballot, solidifying the party’s leadership in the chamber.

Ripple's CEO has been vocal about the opportunities this shift presents, especially after what he described as suppressive policies under the Biden administration.

According to Garlinghouse, U.S.-based cryptocurrency projects, including Ripple, had suffered regulatory setbacks during SEC Chair Gary Gensler’s tenure.

The crypto community has also celebrated Trump's sweeping electoral victory, which saw XRP and ADA prices skyrocket in the aftermath.

Ripple, XRP, and the SEC

The Republican shift comes as Ripple and the SEC's four-year-long legal battle approaches a critical juncture. The SEC’s deadline for filing an appeal-related opening brief is January 15. A potential withdrawal of the appeal could provide Ripple and XRP with a massive tailwind.

Together with IOG's Charles Hoskinson, Garlinghouse is also said to be meeting with Trump's team to discuss shaping the upcoming regulatory framework for crypto.

While these meetings have not been officially confirmed, the XRP community is keeping a close eye on changes at the SEC, including the pending departure of Chair Gary Gensler on January 20.

Trump's pro-crypto nominee, former SEC Commissioner Paul Atkins, is expected to bring a friendlier approach to blockchain regulation. According to former SEC lawyer Marc Fagel, a new administration could reverse the agency's aggressive stance on crypto enforcement.

Bulls Eye $3

Recent XRP price action has caught the attention of market analysts. It closed at $2.4535 on January 3, up 2.21% in a day and continuing a four-session winning streak.

If the SEC chooses to withdraw its appeal, XRP price could break the $3 mark, according to analysts. Some anticipate a surge past its 2018 all-time high of $3.5505 if regulatory clarity is achieved.

However, uncertainty remains. If the SEC files its appeal as scheduled, XRP could face downward pressure, possibly dropping below $2.

As the SEC's January 15 deadline approaches, all eyes are on Washington. The 119th Congress, which Garlinghouse hails as a game-changer for crypto, has infused new energy into the market.

With Trump's pro-crypto administration taking shape, the XRP community is optimistic about swift regulatory reforms and a favorable resolution to Ripple's legal battle. If these developments align, XRP could cement its position as a market leader in 2024.