XRP Price Swings Amid SEC Leadership Changes and Crypto Market Speculation

On November 23, XRP‘s price demonstrated its high volatility, experiencing a 0.17% decline after a significant 18.04% surge the previous day. XRP closed at $1.4706, despite reaching a session high of $1.6299, its highest point since May 2021. The broader cryptocurrency market saw a minor increase of 0.40%, elevating its market capitalization to $3.270 trillion.

Analysts attribute the recent price fluctuations to market expectations that the U.S. Securities and Exchange Commission (SEC) might withdraw its appeal against rulings in the Ripple case. This speculation accompanied rumors of a pro-crypto reform at the agency, propelling XRP to the $1.62 level. Additionally, the crypto community is closely monitoring the resignations of SEC Chair Gary Gensler and Commissioner Jaime Lizarraga, effective January 20, 2025, just days after the SEC’s appeal-related opening brief deadline.

This leadership transition at the SEC could impact regulatory policy. There is speculation that President-elect Donald Trump may appoint a pro-crypto chair, potentially signaling a transformative shift in the agency’s approach towards cryptocurrencies. Potential candidates for the position include Paul Atkins and Brad Bondi. John Reed Stark, former SEC Office of Internet Enforcement Chief, has commented on the likely policy changes under these candidates, suggesting they may prioritize settling or dismissing ongoing cases against crypto firms.

Judge Analisa Torres’s ruling in July 2023, which declared that programmatic sales of XRP did not satisfy the third prong of the Howey Test, remains a critical point for XRP. The ruling could set a legal precedent that affects similar SEC actions against major firms like Coinbase and Binance. Observers are awaiting the decisions of the future SEC Chair, which could be pivotal in this context.

The financial community is closely watching the market movements and regulatory developments, as these factors continue to influence XRP’s price. With XRP now trading well above its 50-day and 200-day moving averages, the market signals remain bullish, albeit with potential selling pressure due to its overbought status indicated by its 14-day RSI reading of 90.11.

The evolution of the SEC leadership and its impact on the Ripple case could significantly sway investor interest in XRP and the broader cryptocurrency market in the coming months. As stakeholders await further updates on the SEC’s stance, XRP’s trajectory remains an area of considerable attention and analysis.