XRP eyes $0.6640 as Ripple CEO tips Trump to fire Gensler on first day in office
Author: Content Editor
Ripple's XRP has increased over 5% following Donald Trump's victory in the US presidential election. There is speculation that the Securities & Exchange Commission (SEC) may not file its appeal against Ripple due to Trump's election, potentially leading to a positive run for XRP. Ripple's CEO, Brad Garlinghouse, congratulated Trump and suggested he fire SEC Chair Gary Gensler on his first day in office. The appeal was in response to Judge Analisa Torres dismissing claims that Ripple's sale of XRP to retail investors were unregistered securities. With Gensler potentially being demoted by Trump, it is unlikely the SEC will file the appeal brief, effectively ending the case against Ripple Labs. There is also speculation that the SEC may approve an XRP ETF in the future. XRP is currently trading near $0.5400, up 5% on the day, and if it can break through resistance at $0.5608, it may rally towards $0.6640. A daily close below $0.4860 would invalidate the bullish thesis. The court ruling released in July 2023 stated that XRP is considered a security for institutional investors but not for retail investors who purchased the token via programmatic sales. The ruling offers a partial win for both Ripple and the SEC, but it does not fully address the question of what makes a digital asset a security. The SEC has been increasing its enforcement actions in the blockchain and digital asset industry, and Ripple's ruling could be used by both defendants and the SEC to support their positions on regulation.