Crypto
- Trump’s SEC Chair appointment sparks optimism for Ripple’s ongoing legal battle.
- XRP’s price surge reflects growing market confidence amid leadership change.
- SEC’s appeal could be dismissed, with new leadership pushing for crypto clarity.
Ripple’s XRP gained 5% on Monday after an announcement on his first day in office by President Donald Trump, appointing Commissioner Mark Uyeda as the acting Chair of the Securities and Exchange Commission (SEC).
The appointment has raised hopes that the SEC might drop its appeal against Ripple. Uyeda’s support for cryptocurrency and his criticism of the SEC’s approach to digital assets have bolstered confidence in XRP’s outlook.
Leadership Change Brings Renewed Optimism
Mark Uyeda’s appointment comes as a potential game-changer for Ripple’s legal battle with the SEC. Following the resignation of former SEC Chair Gary Gensler, the crypto community is hopeful for a fresh approach to the case. Uyeda has often argued for clearer cryptocurrency regulations and has opposed harsh enforcement actions by the SEC.
Ripple’s market activity reflects this optimism, with increased buying in both spot and investment products.
Analyst EGRAG CRYPTO noted that if XRP reaches $20, its market cap could climb to $1 trillion, placing it ahead of giants like Berkshire Hathaway and TSMC.
Related: XRP Soars to $3.10 as SEC Appeals Retail Ruling in Ripple Case
Technical Indicators Signal Strength for XRP
At $3.11 during press time, XRP’s chart shows a breakout above the $3.35 level, according to analyst Ali Martinez. The upward movement suggests a target of $4.40.
Key Fibonacci levels reinforce this view, with $2.90 acting as support and resistance at $3.69 and $4.16. If momentum holds, XRP could reach the 1.786 Fibonacci extension at $4.40.
Related: John Deaton’s XRP Advocacy: Integrity Praised by Bill Morgan
Ripple’s Legal Case May See a Shift
The SEC’s appeal, filed on January 15, seeks to overturn a ruling that XRP’s sales to retail investors were not securities. However, the agency’s new leadership has raised hopes that the case could be dismissed.
A majority vote by SEC commissioners could end the case, especially as more support grows for recognizing XRP’s role in the crypto market.
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