In early December, the president-elect picked Paul Atkins, who's seen as a digital-asset bull, to replace Gary Gensler as head of the Securities and Exchange Commission
The price of XRP has surged fourfold since Donald Trump won the race to the White House, with traders hopeful that his administration will slash crypto regulation.
In early December, the president-elect picked Paul Atkins, who’s seen as a digital-asset bull, to replace Gary Gensler as head of the Securities and Exchange Commission, which could pave the way for the agency to end its long-running legal battle with Ripple.
In 2020, the SEC charged the company with selling an unregistered security. In August, a federal judge ordered Ripple to pay $125 million for violating investor-protection laws, a figure that was way below the $2 billion the regulator had demanded, leading to an appeal in October.
However, despite the gains, XRP’s price has flattened out over the past week. It’s difficult to pinpoint any catalysts that could drive the token’s price higher. Traders are likely taking the opportunity to lock in profits after a period of heady gains, shrugging off bullish analysts’ claims that the token could soar again in 2025.
Until Trump and Atkins take office in January, expect XRP to carry on flatlining.
Write to George Glover at george.glover@dowjones.com
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