XRP Price Surges 7% as Former CFTC Chair Predicts SEC Lawsuit Dropping
XRP has made a strong comeback, bouncing back from a recent dip to the $1.25-$1.30 range and showing robust support at those levels. It’s currently performing better than other major cryptocurrencies, with a price increase of more than seven percent in the last 24 hours, trading near $1.45.
Even though XRP has rallied, experts caution that it’s still consolidating. The key hurdle is around $1.50, and breaking above this level might be a challenge without sustained momentum. The current expectation is for XRP to remain within its range, with potential to reach $1.70-$1.75 if the bullish trend continues.
In related news, Ripple has teamed up with Bitwise to rebrand its XRP ETP as the Bitwise Physical XRP product. This partnership marks a significant milestone for Ripple and XRP as companies move closer to filing for XRP ETFs.
Regarding the ongoing legal battle between Ripple and the SEC, Gary Gensler’s resignation has sparked speculation about the case’s outcome. The SEC is set to present its final arguments in the Ripple case by January 15, 2025. Ripple is seeking a ruling affirming XRP’s status as a non-security through a cross-appeal.
Former CFTC Chairman Giancarlo has hinted that the incoming Trump administration might drop the SEC’s case against Ripple. With previous court decisions favoring XRP and potential leadership changes, Ripple’s legal position seems to be strengthening. Giancarlo suggested that regulatory agencies drop cases where they have faced defeats, including the XRP lawsuit.
With improved legal standing, XRP could participate more fully in the ongoing bull market, especially if there are changes in SEC leadership and a more favorable regulatory environment for cryptocurrencies.
