In the last 24 hours, XRP's price surged by 16.41%, indicating strong investor and market interest. We explore the reasons behind this growth, legal challenges with the SEC, and future prospects.
XRP and SEC Changes
XRP's price saw a significant jump, reaching $3.32 with a 16.41% increase over the past day. Speculation about changes in SEC leadership is fuelling this momentum, with rumors that some non-fraud-related crypto cases might be dropped post-Gary Gensler's exit on January 25, potentially boosting market confidence.
Legal Challenges with SEC
On January 15, 2025, the SEC appealed the previous court ruling against Ripple Labs, questioning Judge Analisa Torres's July 2023 decision that XRP sales to retail investors are not securities. However, the SEC agrees that XRP sales to institutional investors are legitimate securities. Ripple's Chief Legal Officer, Stuart Alderoty, noted the SEC's arguments are repetitive and unconvincing.
XRP Price All-Time High Debate
The discussion about XRP's all-time high has resurfaced as the digital currency enjoys recent price action. Ripple's CTO, David Schwartz, highlighted that the $3.84 value in 2018 was partly inflated by incorrect exchange rates from Korean exchanges. Schwartz also noted traders did not actually trade at this price.
With anticipated changes in SEC leadership and ongoing legal battles, XRP maintains a strong market position. Analysts suggest that Ripple will continue to gain momentum, especially with clearer regulatory prospects, potentially leading to a new all-time high, reaching target levels of $4 and $5.85.
