Is a Settlement Between Ripple and the SEC on the Horizon? Encouraging Message from a Ripple Executive
Following a passionate post by Ripple's Chief Legal Officer Stuart Alderoty, rumors of a settlement between Ripple and the U.S. Securities and Exchange Commission (SEC) have gained momentum. While discussions on this matter have been ongoing within the XRP community, SEC Chairman Gary Gensler's announcement of his retirement plans on November 21 further fueled these speculations. Alderoty's November 23 post, which implied that the case was nearing its conclusion, reinforced these rumors. In his message on X, Alderoty praised Ripple CEO Brad Garlinghouse, Chairman Chris Larsen, and the entire legal team for their resistance against the SEC and Gensler. He also stated that Ripple had provided a roadmap in its fight against Gensler's regulatory pressures, emphasizing that the company's resistance was vital for the survival of the crypto industry.
Alderoty's message mobilized the XRP community. This post was seen as confirming the widespread rumors within the XRP community about a potential agreement between Ripple and the SEC. TechCrunch founder Michael Arrington sharing this message and indicating that Ripple has set an example by defeating Gensler created a wave of excitement within the community. Arrington further heightened the excitement by stressing the significance of the day.
However, despite the increasing speculation about a potential agreement with the SEC, the price of XRP continues to consolidate below its highest level in recent years at $1.62. Although a price increase was observed following Gensler's retirement announcement, XRP experienced a pullback to $1.27 during yesterday's trading.
Starting the new week with a 5% increase, the cryptocurrency is currently trading at around $1.50. The sentiment within the XRP community is generally optimistic, with many investors expecting continued value appreciation for the sixth-largest cryptocurrency.
Positive expectations in the XRP market stem from Gary Gensler's announcement that he would resign in January 2025, which was met with great joy in the XRP community. Considering Donald Trump's promise to remove Gensler on the day he takes office, a crypto-friendly approach is anticipated from the new SEC chairman. However, the reality of the ongoing Ripple case is not overlooked despite the leadership change.
Recently, as XRP prices have climbed to levels not seen since 2021, the current prices are regarded as a critical juncture for investors to monitor closely. This rapid increase presents opportunities amidst rising market volatility, while also carrying significant risks. Some analysts believe that in the event of a correction, XRP could potentially pull back to between $1 and $1.20.