XRP Soars on Robinhood Listing, Gensler Exit Speculation, 18-State Lawsuit Accusing SEC of Unlawful Overreach
Market Momentum and Political Shifts
Ripple has captured headlines with its remarkable rally, pushing its price to a year-to-date high of $0.904 after a 28% surge on November 15, 2024. This upward momentum came on the heels of a 12% gain the previous day, fueled by two major developments: Robinhood’s addition of XRP to its platform and speculation surrounding SEC Chair Gary Gensler’s potential resignation.
The market viewed Gensler's possible exit as a sign of regulatory relief, further driving bullish sentiment. Robinhood also expanded its crypto offerings, listing Solana (SOL), Cardano (ADA), and Pepe (PEPE), reflecting broader interest in diverse digital assets.
Whales have been steadily accumulating XRP, with Santiment data revealing that entities holding over one million tokens now control more than 45 billion XRP—levels not seen since mid-2018. This accumulation intensified after the FTX collapse and gained further momentum following Donald Trump’s re-election.
Analysts now predict XRP could climb to between $1 and $3.30 if regulatory pressures ease and market conditions remain favorable. XRP’s bullish momentum is underscored by a robust Relative Strength Index (RSI) of 68 on the weekly chart, suggesting room for further growth if it breaks key resistance levels, potentially targeting $1.26.
The legal and regulatory landscape remains a critical backdrop for these market moves. Ripple’s longstanding battle with the SEC, alongside broader industry challenges, continues to shape investor sentiment.
On the same day as XRP’s further price surge, 18 U.S. states and the DeFi Education Fund launched a legal challenge against the SEC, accusing the agency of unconstitutional overreach in its crypto enforcement. The lawsuit aims to curtail the SEC's aggressive mandates that have pressured crypto platforms to register as securities exchanges.
Meanwhile, Gensler, under increasing scrutiny, hinted at stepping down, stating his pride in public service amid the intensifying backlash.
In a striking twist, recent 13F filings revealed that 206 SEC-registered funds, managed by firms with assets exceeding $100 million, are heavily invested in spot Bitcoin ETFs. Goldman Sachs leads the pack, holding more than $700 million in Bitcoin ETF shares across five funds, with BlackRock’s ETF representing $461 million of that total. Other major players include Bank of America, with over $7 million in diverse Bitcoin ETFs, and HSBC, which holds $3.8 million in ARK Bitcoin ETF shares.
The return of Trump to the presidency is seen as a significant boon for the crypto industry. Known for his pro-crypto stance, Trump has promised to replace Gensler with a more industry-friendly SEC Chair, sparking hopes of regulatory clarity and a potential rollback of aggressive enforcement actions.
Consensys CEO Joe Lubin has suggested that the new administration might settle ongoing SEC cases, potentially saving crypto firms hundreds of millions in legal costs. Trump’s policies are expected to create a more hospitable environment for blockchain innovation, aligning with the sector’s push for clearer, more supportive regulations.
Adding to Ripple’s optimism, SG-FORGE, a subsidiary of Societe Generale, announced plans to deploy its Euro stablecoin (EURCV) on the XRP Ledger by 2025, a move likely to enhance XRP’s network utility.
Broader market trends, including Bitcoin and Ethereum’s performance, reflect growing investor confidence as the industry navigates shifting regulatory and political landscapes. Market watchers are now eyeing the evolving dynamic between the SEC and crypto firms, with Ripple’s ongoing case serving as a bellwether for the sector’s regulatory future.
This article has been refined and enhanced by ChatGPT.
