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Ripple's chief legal officer, Stuart Alderoty, has urged Congress to adopt innovation-friendly cryptocurrency regulations that focus on regulating activities rather than technology. He cautioned against enshrining abstract principles from previous policies without thorough study and consensus, amid criticism of the SEC's stringent enforcement approach. The evolving political landscape, particularly with President Trump's support for digital assets, may lead to more favorable regulations that balance investor protection with technological growth.
XRP is poised for significant growth, driven by six key factors, including the recent approval of Ripple's stablecoin RLUSD and a surge in daily transactions on the XRP Ledger. Following Donald Trump's re-election and the anticipated departure of SEC Chairman Gary Gensler, analysts predict XRP could reach unprecedented heights, potentially hitting $5 by February 2025. The asset has reclaimed its position as the third largest cryptocurrency by market cap, currently trading at $2.5, just below its yearly high.
The ongoing legal battle between XRP and the SEC is pivotal for the future of digital asset regulation, with significant implications for Ripple and the broader crypto market. Under SEC Chair Gary Gensler, the commission's aggressive stance has led to numerous enforcement actions, impacting exchanges and institutional interest in XRP, particularly for cross-border payments. As XRP's trading volume surges and institutional adoption increases, analysts predict a transformative period for the cryptocurrency landscape, especially with potential regulatory shifts on the horizon.
XRP Ledger's daily transaction volume has surged, with payments nearly doubling from 0.73 million to 1.4 million in three months, while XRP token volume rose from 762 million to 1.99 billion. The approval of a new Ripple stablecoin by New York regulators has further boosted XRP prices, which recently peaked above $2.70. Ripple's strong business model positions it as a potential strategic asset for the U.S. in global finance, especially amid a favorable regulatory environment under the incoming administration.
XRP's price surged 21% over the past week and 13% in the last 24 hours, reaching $2.69, coinciding with the launch of Ripple's RLUSD stablecoin. Analysts predict further growth, with expectations of XRP hitting new highs as regulatory challenges fade and interest in XRP ETFs rises. Ripple's legal chief believes the SEC's appeal will ultimately benefit the crypto industry.
Messari co-founder Ryan Selkis has sparked controversy by labeling the XRP and Cardano communities as “loudest, least valuable bot groups,” criticizing their utility and user engagement. In response, Cardano supporters highlighted a recent spike of over 280,000 transactions, showcasing significant activity relative to their market cap. Meanwhile, the XRP community defends Ripple's role in cross-border payments, despite Selkis' ongoing claims of centralization and insider enrichment.
Ripple executives have expressed strong support for Paul Atkins, nominated by President-elect Donald Trump to lead the SEC, anticipating a shift towards a more crypto-friendly regulatory environment. CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty believe that Atkins, alongside commissioners Hester Peirce and Mark Uyeda, will restore common sense and investor protection to the agency, moving away from the stringent policies of outgoing Chair Gary Gensler. This leadership change is seen as a pivotal moment for fostering innovation and economic growth in the digital asset space.
On November 14, 2024, 18 Republican state attorneys general and the DeFi Education Fund filed a landmark lawsuit against the U.S. Securities and Exchange Commission (SEC), marking a significant challenge to the agency's stance on cryptocurrency regulation. In related developments, President-elect Donald Trump has nominated Paul Atkins as the new SEC chairman, signaling a potential shift in regulatory approach. Meanwhile, Ripple's legal battles continue, with recent victories against the SEC, as the agency faces increasing scrutiny over its actions.
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