coinedition.com
The lawsuit filed by the United States Securities and Exchange Commission (SEC) against Ripple over XRP token sales could conclude soon, according to a legal panel featuring prominent advocates John Deaton, James Murphy (“MetaLawMan”), and Jeremy Hogan. The panel, appearing on the CryptoLawTV YouTube channel, discussed potential outcomes and suggested the lawsuit might not withstand a change in SEC leadership.
The panel highlighted the possibility of a pro-crypto SEC Chair being appointed if Gary Gensler is replaced under a Donald Trump administration. Gensler has faced mounting pressure to step down from political circles, potentially paving the way for leadership that could end the XRP case.
Could SEC Leadership Changes Shape Crypto Policies?
SEC Commissioners like Hester Peirce and Mark Uyeda, known for their supportive stance on cryptocurrencies, may play pivotal roles in shaping crypto-friendly initiatives. Legal experts believe the XRP case could be resolved or dismissed entirely under a new administration. If Peirce were appointed as SEC Chair, cases launched under Gensler’s tenure might be halted.
Read also: Ripple CTO: XRP Ledger is No Ghost Town, It’s the Future of Finance
Should the SEC continue pursuing its lawsuits, a new administration could introduce policies significantly altering proceedings. Courts might also pause cases until Congress establishes a comprehensive framework for regulating digital currencies.
XRP Price Outlook Amid Legal Uncertainty
The price of XRP is expected to rise sharply once the lawsuit concludes. Despite a partial victory in 2023, XRP has underperformed, climbing only 7.55% since November of that year. Currently, XRP is the seventh-largest cryptocurrency, trading at $0.6983—up 5% in the last 24 hours.
The Relative Strength Index (RSI) for XRP stands at 79.61, signaling overbought conditions. While a price correction seems likely, analysts foresee a move toward the $1 mark in the short to long term.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.