TL;DR If SEC Chairman Gary Gensler resigns, XRP’s valuation could benefit from a more crypto-friendly successor and an increased likelihood of the regulator settling its case with Ripple. Regardless of Gensler’s status, the token’s price could reach a new all-time high through strategic partnerships, increased adoption, and technological advancements, the AI chatbot said. What Are the Chances? The US Securities and Exchange Commission (SEC), which oversees and regulates the securities markets, has been at war with numerous cryptocurrency companies, including Ripple. The agency is led by Chairman Gary Gensler, who has expressed strong reservations about the crypto industry over the years. For instance, he described Bitcoin (BTC) as “a speculative, volatile asset that’s
Topics:
Dimitar Dzhondzhorov considers the following as important: Crypto Bits, Ripple (XRP) Price, sec, United States
This could be interesting, too:
Wayne Jones writes DOJ Charges Crypto Exchange Operator With Laundering Silk Road Proceeds
Dimitar Dzhondzhorov writes Bitcoin Price Predictions: This Important Metric Suggests Incoming ATH for BTC (Analyst)
Jordan Lyanchev writes Tether-WSJ Fiasco Aftermath: Over 0 Million in Liquidations as BTC Dumped K in Minutes
Wayne Jones writes Minneapolis Fed President Criticized for Remarks on Illegal Crypto Usage
TL;DR
- If SEC Chairman Gary Gensler resigns, XRP’s valuation could benefit from a more crypto-friendly successor and an increased likelihood of the regulator settling its case with Ripple.
- Regardless of Gensler’s status, the token’s price could reach a new all-time high through strategic partnerships, increased adoption, and technological advancements, the AI chatbot said.
What Are the Chances?
The US Securities and Exchange Commission (SEC), which oversees and regulates the securities markets, has been at war with numerous cryptocurrency companies, including Ripple.
The agency is led by Chairman Gary Gensler, who has expressed strong reservations about the crypto industry over the years. For instance, he described Bitcoin (BTC) as “a speculative, volatile asset that’s also used for illicit activity including ransomware, money laundering, sanction evasion, and terrorist financing.”
Earlier this week, a “10x Research” report hinted that Gensler might resign from his post in early 2025 following the end of President Joe Biden’s term. This is based on the typical practice of SEC Chairs stepping down when a new administration takes office.
We asked ChatGPT how Gensler’s possible departure would affect the cryptocurrency sector and whether it would fuel XRP’s price explosion to an all-time high.
The AI-powered chatbot started the answer with a disclaimer that such a prediction is highly uncertain and should not be taken for granted. It suggested that Gensler’s potential resignation could indeed positively impact the crypto market and XRP’s valuation, assuming his place is taken by someone with a friendlier approach.
According to ChatGPT, the departure of the current Chairman could make the SEC more inclined to settle the case with Ripple. Multiple industry participants have previously argued that the end of the lawsuit (particularly if the company secures a decisive win) could trigger a massive boost for the price of XRP.
Recall that the token’s value skyrocketed by over 70% mere hours after Ripple’s first partial court win in the summer of 2023. Back then, Judge Torres ruled that the firm’s programmatic sales to secondary trading platforms do not constitute offers of investment contracts.
On the other hand, ChatGPT claimed that XRP’s eventual surge to a new ATH would require additional factors, such as favorable market sentiment and the overall bull run of the cryptocurrency sector.
The token reached its peak price of over $3.80 at the start of 2018, meaning it has a long way to go before making the headlines with a fresh top. Currently, XRP is worth around $0.60.
What if Gensler Stays?
We decided to delve into the matter a bit further, asking ChatGPT if XRP’s price can tap a new ATH if Gensler remains in charge of the Commission.
The chatbot estimated that Ripple could still win the lawsuit in such a scenario. In addition, various elements such as strategic partnerships, increased adoption, and technological developments could help XRP plant the flag at a higher peak.
Over the last few years, the company has teamed up with multiple leading financial institutions, including one of the biggest banks in Egypt – Commercial International Bank (CIB), Thailand’s oldest bank – Siam Commercial Bank (SCB), and Morocco’s Attijariwafa Bank.
It will be interesting to see whether it can ink additional partnerships in the near future and how such developments could affect the XRP price.