XRP prices increase with Mark Uyeda named Acting SEC Chief by Trump – IBTimes UK

Ripple’s XRP cryptocurrency has seen a surge in prices, rising to £2.56 ($3.14) on January 21st. This increase followed the appointment of Mark Uyeda as the acting chair of the Securities and Exchange Commission (SEC) by President Donald Trump. Uyeda replaces Gary Gensler, known for his strict stance on cryptocurrencies and numerous enforcement actions during his tenure.

Many in the cryptocurrency community have welcomed Uyeda’s appointment, hoping for a shift in the SEC’s enforcement policies regarding digital assets. This optimism is fueled by Uyeda’s statement that the SEC’s “war on crypto” must end, especially actions that are not based on fraud or harm allegations. It is expected that Uyeda will initiate the process of reviewing and possibly withdrawing crypto-related cases not involving fraud allegations.

The ongoing legal battle between Ripple and the SEC has also played a significant role in boosting XRP prices. Many anticipate that the conflict will soon come to an end, leading to a positive outlook for Ripple’s future. Additionally, other factors contributing to the rise in XRP prices include the Trump Administration’s consideration of a more expansive crypto reserve and reports of a potential approval of a Ripple exchange-traded fund (ETF).

The meeting between Trump and Ripple CEO Brad Garlinghouse, along with the positive forecast for a Ripple ETF, have further fueled optimism in the cryptocurrency community. Reports suggest that a Ripple ETF could attract substantial cash inflows within the first year of its launch. However, it is essential to exercise caution and conduct thorough analysis before making any investment decisions, as the market is subject to risks and past performance may not indicate future returns.

Overall, the appointment of Mark Uyeda and the potential changes in the SEC’s approach to cryptocurrencies have had a significant impact on Ripple’s XRP prices. The cryptocurrency community remains hopeful for a positive outcome in the ongoing legal battle between Ripple and the SEC, as well as potential developments such as the approval of a Ripple ETF. Investors are advised to stay informed and seek professional advice before making any financial commitments in the volatile cryptocurrency market.