XRP Price Rallies 7% As Former CFTC Chair Says ‘SEC Will Drop The Lawsuit’
XRP rebounded after a recent pullback into the $1.25 to $1.30 range, where it found strong support. The cryptocurrency is currently outperforming other major currencies, indicating future growth potential. XRP is currently up more than 7% in the past 24 hours and is trading near $1.45.
Despite its recent gains, experts warn that XRP is still in a consolidation phase. Key resistance remains around $1.50, and analysts believe that without sustained momentum, XRP may face a challenge above this level.
For now, XRP is expected to remain within the current range and may rise to $1.70-$1.75 if the bullish momentum continues. In other news, Ripple has partnered with Bitwise to rebrand its XRP ETP into the Bitwise Physical XRP offering. The move is seen as a big step for Ripple and XRP as the company moves forward with its XRP ETF application.
Ripple and SEC Update:
Gary Gensler’s resignation has fueled speculation about the outcome of the case. The U.S. Securities and Exchange Commission (SEC) has until January 15, 2025 to submit final arguments in the Ripple case. Ripple’s cross-appeal seeks to obtain a ruling confirming XRP’s non-security status.
Former CFTC Chairman Giancarlo said that the incoming Trump administration may drop the SEC’s lawsuit against Ripple. With previous court rulings in favor of XRP and a change in leadership, Ripple’s legal position appears to be stronger. Giancarlo said: “I would recommend that regulators drop a lot of the cases that they have lost. I think they should drop the XRP case. I bet they will.”
With Ripple’s legal status strengthening, XRP may soon be able to fully participate in the ongoing bull run, especially if there is a change in SEC leadership and regulatory conditions for cryptocurrencies become more favorable.
