XRP Price Reaches $1.19 as Market Sentiment Turns Bullish
The post XRP Price Reaches $1.19 as Market Sentiment Turns Bullish appeared on BitcoinEthereumNews.com.
TLDR XRP breaks $1 barrier for first time since November 2021, reaching $1.19 30% surge in 24 hours and 108% gain over seven days SEC Chairman Gary Gensler rumored to be stepping down Whale wallets have added 3.44 billion XRP over past two years Total whale holdings reach 45.61 billion XRP – highest since June 2018 XRP has broken through the $1 price level for the first time in three years, reaching $1.19 in a remarkable price movement that has caught the attention of crypto markets. The digital asset has shown exceptional performance with a 30% increase in just 24 hours and a weekly gain of 108%. The price surge comes as rumors circulate about potential changes in U.S. regulatory leadership. SEC Chairman Gary Gensler’s recent speech at the Practising Law Institute’s securities regulation conference has fueled speculation about his possible departure, though no official announcement has been made. During his tenure, Gensler maintained that most cryptocurrencies, except Bitcoin, fall under SEC jurisdiction. This stance led to a prolonged legal battle with Ripple Labs, beginning in December 2020 when the SEC filed charges alleging XRP sales constituted unregistered securities offerings. July 2023 marked a turning point for Ripple when a court ruled certain XRP sales did not qualify as securities transactions. The SEC’s subsequent attempts to secure penalties resulted in a reduced fine of $125 million, down from their initial $2 billion demand. The regulatory landscape continues to evolve, with eighteen U.S. states challenging the SEC’s approach. Texas, Ohio, and Wyoming are among those who filed a lawsuit against the agency, claiming excessive government oversight in crypto regulation. Blockchain Association reports indicate the SEC’s enforcement actions have resulted in $426 million in litigation costs for crypto companies since 2021. This regulatory pressure has sparked industry-wide debates about the future of…
Filed under: News - @ November 18, 2024 10:24 am