Amidst Ripple's ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), Chief Legal Officer (CLO) Stuart Alderoty couldn't resist taking a jab at the departing SEC Chair, Gary Gensler. In a post that quickly went viral, Alderoty humorously suggested that the crypto industry would soon be asking, “Gary who?” This lighthearted comment comes as Gensler steps down from his role, leaving behind a contentious relationship with the crypto world.
The SEC, under Gensler's leadership, filed several lawsuits against major crypto companies, including Ripple, alleging that XRP was an unregistered security. Despite a partial victory in 2023, where a judge ruled that XRP sales to retail investors did not violate securities laws, the SEC went on to appeal the decision, keeping Ripple in a state of legal uncertainty.
However, Alderoty's comment reflects growing optimism within the crypto community that the industry may now experience a shift in regulatory focus. As Gensler departs, attention turns to the potential changes in the SEC's approach towards crypto regulation.
Meanwhile, XRP has seen a significant price rally in recent weeks, surging to $3.27 with a 39.71% increase in just one week. This price action is largely influenced by the anticipation of Ripple's legal success and the potential reduction in regulatory pressure under new SEC leadership. Some analysts are now predicting a potential price target of $10 for XRP, especially if the legal battles and regulatory uncertainties begin to resolve in Ripple's favor.
Technical indicators, such as the “bull flag” and “bullish pennant” patterns, also support XRP's price surge, suggesting strong upward momentum. The recent surge in open interest, which reached $7.51 billion, and growing whale accumulation also indicate continued investor confidence in the asset.
With a market capitalization of $188.16 billion, the recent rally in XRP's price has instilled optimism in the crypto community. Many believe that the end of Gensler's tenure, coupled with Ripple's potential legal victory, could signal the beginning of a new chapter for the company and the broader cryptocurrency market.
As Ripple continues to navigate its legal challenges, the market is increasingly focused on the possibility of new developments, such as the approval of an XRP Exchange-Traded Fund (ETF), which could further drive liquidity and adoption of the token. The potential reduction of regulatory pressure and the approval of new products like an ETF could help XRP achieve its full potential, possibly driving its price higher in the coming months.
