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XRP’s price went ballistic after rumors emerged of a potential withdrawal of the SEC’s appeal in the litigation between the commission and Ripple. The rumors are based on the impending replacement of Gary Gensler as the SEC’s chair following Donald Trump’s victory in the last U.S. presidential election.
Despite the increasing intensity of the rumor, Marc Fargel, a retired securities lawyer, believes the appeal withdrawal will not happen until Gary Gensler leaves the helm of affairs at the SEC. In a recent post on X, Fargel noted that withdrawing the appeal by the SEC would be historic. However, he observed that the effect of the rumor will continue until January 15, marking the date for the expected filing.
Fargel thinks the period between his post and the upcoming brief filing gives enough time for bogus posts about weekly meanings of the potential appeal withdrawal. That gives room for heightened speculations that would continue to fuel the crypto market trend, especially XRP’s price.
XRP has gained 230% over the past three weeks, reflecting strong capital inflows into the cryptocurrency. The top altcoin’s recovery highlights the crypto community’s sentiment toward the current regulatory structure in the United States. Most crypto users believe Donald Trump‘s incoming administration will provide a more friendly environment for the crypto industry.
Read also: SEC Appeals XRP Ruling, But Not Its Non-Security Status
It is worth mentioning that Trump promised to sack Gensler on his first day in office. The incoming president promised to implement other pro-crypto measures, which has led to the heightened positivity the industry has experienced since he won the recent election.
Besides XRP, other cryptocurrencies have surged significantly. Solana (SOL) gained 71% in the post-election rally to reach a new all-time high of $264.63, while Cardano (ADA) rallied 261% to reach $1.15 for the first time since 2022. XRP traded for $1.54 at the time of writing after gaining 10.7% in the early hours of the day’s trading session.
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