Gary Gensler Out, XRP To $10? Ripple CLO Celebrates!

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On Friday, Gary Gensler formally ended his term as Chair of the U.S. Securities and Exchange Commission (SEC). In response to this event, Stuart Alderoty, Ripple‘s top legal officer, made a notable comment on social media. Alderoty implied that, beginning Saturday, discussions about the US SEC would no longer involve Gensler’s input.

Gary Gensler’s Last Day as US SEC Chair: Ripple CLO Alderoty Comments

In a recent post on X, Stuart Alderoty, Ripple’s Chief Legal Officer (CLO), jokingly implied that Gary Gensler’s departure from the Securities and Exchange Commission (SEC) would soon be forgotten by the crypto industry. He humorously suggested the question, “Who’s Gary?” Alderoty’s remarks are made during Ripple’s ongoing legal dispute with the SEC, a conflict that started in 2020.

In simpler terms, it’s been claimed by the Security and Exchange Commission (SEC) that Ripple illegally sold XRP as an unregistered security, a charge the company has disputed. However, in 2023, a court victory partially went in favor of the XRP company, deciding that sales of XRP to individual investors did not break securities laws. Yet, the SEC appealed this decision, creating ongoing doubt for Ripple and the crypto sector.

As a researcher, I’ve been closely monitoring the ongoing developments in the XRP lawsuit. Interestingly, the U.S. Securities and Exchange Commission (SEC) has filed an appeal against the district court’s 2023 decision that deemed XRP as not a security. The SEC posits that all transactions involving XRP, such as automated sales to retail investors, fall under the category of investment contracts when evaluated using the Howey Test.

Gary Gensler’s tenure as SEC Chairman is defined by a proactive stance towards regulating the cryptocurrency sector. During his term, the SEC filed more than 80 lawsuits against various crypto firms, among them well-known entities like Coinbase, Uniswap, and Ripple.

As a researcher looking back on my time as the former chair of the U.S. Securities and Exchange Commission (SEC), I acknowledge that the enforcement of crypto regulations was just a minor facet of our broader activities. However, it’s essential to emphasize the significant strides we made in safeguarding investors and ensuring compliance across the financial sector as a whole.

In the video I recently shared on platform X, I reflect upon the past four years in office, highlighting our commitment to maintaining the integrity of the financial system and protecting the interests of everyday investors.

It has been the privilege of a lifetime to work for you as @SECGov Chair.

For the past four years, we’ve made significant changes in our equity and Treasury markets by revising rules, shortening the settlement period, and ultimately reducing it to a shorter cycle. Our actions have resulted in returning over $2.7 billion to investors who were wronged.

A quick look at the last four years:

— Gary Gensler (@GaryGensler) January 17, 2025

XRP Price Performance Amid Leadership Changes

On Friday, the value of XRP increased significantly, reaching $3.27. This rise in price occurred as Ripple enthusiasts and cryptocurrency traders rejoiced over Chairman Gensler’s final day, with some analysts noting a bullish pennant pattern emerging on XRP’s weekly price chart. This pattern, which typically signals strong upward momentum, has caused some analysts to predict a short-term goal of around $10 for XRP.

The positive perspective on Ripple’s future is strengthened by a more favorable opinion among traders regarding its court case against the SEC, and there’s hope that less strict regulations might be implemented during the Trump presidency, which continues to encourage market participants.

Moreover, the latest price forecast points towards a bullish trend for XRP, with potential milestones at $5, $10, $15, and $20. This upward momentum is driven by robust technical indicators such as the “bull flag” formation and escalating open interest, currently standing at $7.51 billion. Furthermore, the accumulation of XRP by large investors (whales) has significantly increased, suggesting a rise in investor trust.

Anticipation Grows for XRP ETF Approval

Analysts at JPMorgan have started discussing the potential for an XRP-based ETF, suggesting that if approved by the SEC, it could attract investment between $3 billion and $8 billion. This estimate is based on the initial inflow experienced by Bitcoin and Ethereum ETFs, which accounted for 6% and 3% of their market caps respectively, early in their existence. The report underlines how an XRP and Solana ETF could increase liquidity and market acceptance if introduced.

Currently, as we speak, one Ripple token is being traded for approximately $3.27. This represents a significant increase of 39.71% in its value over the last seven days. The market capitalization of this cryptocurrency currently stands at an impressive $188.16 billion. In the past day, a trading volume of around $13.8 billion has been recorded for Ripple.

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2025-01-18 02:44