Ripple (XRP) surpasses $0.80 while 18 US states accuse Gary Gensler and the SEC

While the price of Ripple (XRP) exceeds $0.80, as many as 18 US states accuse the SEC and its Chairman, Gary Gensler, of unjustly pursuing the crypto industry. 

Ripple (XRP): the price of the crypto exceeds $0.80 

In the last 24 hours, Ripple (XRP) has seen its price exceed $0.80, reaching $0.84, and marking its highest level of the current year. This price threshold had not been surpassed since April 2022. 

In fact, following the crypto rally, XRP has also started to record its price pumps. Since after the victory of Trump in the USA presidential elections, when XRP was worth $0.50, today, the price of XRP has risen by +47%.

Not only that, XRP is also seeing an increase in its market cap, which is currently 45.44 billion dollars. With this figure, XRP is in seventh place in the overall crypto ranking, right after Dogecoin, with its 54.38 billion dollars of market cap.

Despite the new current price, XRP is still far from its All-Time High (ATH), recorded in May 2021 at $1.60.

Ripple had to suffer more than all the other cryptos due to the accusations from the Securities and Exchange Commission (SEC) of the USA, in a lawsuit that lasted a full four years.  

In July 2023, Ripple managed to achieve a first partial victory with Judge Analisa Torres who ruled that XRP is not a security.

But the true definitive victory for Ripple came last August 2024, with Torres who issued her historic ruling and forced Ripple to pay a fine of 125 million dollars, an amount lower than that requested by the SEC.

Ripple (XRP) rebounds as 18 US States accuse Gary Gensler and the SEC of overreach 

Behind the “remuntada” of the XRP price there is something more, which concerns what happened during yesterday. 

A total of 18 US states have accused the SEC and its President Gary Gensler of unfairly targeting the crypto industry. Here is how journalist Eleanor Terret describes it: 

“SCOOP: 18 American states have sued the @SECGov and its commissioners, accusing them of unconstitutional overreach and unjust persecution of the #cryptocurrency industry under the leadership of the agency head @GaryGensler. The lawsuit, signed by 18 Republican attorneys general, details how the agency has committed a “gross overreach of government” with its regulatory and enforcement crusade against the 3 trillion dollar industry, resulting in a violation of the states’ rights to regulate their economies. The story is developing and the full article is coming soon”

In practice, it seems that with Trump’s victory in the US presidential elections, the crypto industry is trying to rebel. 

In fact, there are as many as 18 Republican attorneys general who have accused the SEC and Gary Gensler of unconstitutional abuse of power against crypto companies. 

Replace Gary Gensler of the SEC 

The crypto industry can’t wait to appoint Gary Gensler with a new SEC Chairman who is supportive, on the contrary, supportive of the development of the sector.

On this subject, Michael Saylor, CEO of MicroStrategy, the company that accumulates BTC more than anyone else, stated that this replacement will be “incredibly positive for digital assets.”

“JUST IN: Michael Saylor states that the replacement of SEC Chairman Gary Gensler is “incredibly positive for digital assets.” “It is very positive for the cryptocurrency industry. We will see many more policies in favor of #Bitcoin.”

Only last month, when Gensler was effectively the Chairman of the SEC, he spoke at the NYU School of Law in Manhattan, also commenting on crypto.

To the question about the value of cryptocurrencies, Gensler had stated that he considered it unlikely that Bitcoin (BTC) or other crypto will ever be widely used as a form of payment. In reality, the words used by Gensler were “it is unlikely that this stuff will become a currency.”