2025-1-22 21:01 |
The appointment of pro-crypto Uyeda is expected to mark a significant shift in the SEC’s stance on cryptocurrency regulation, with potential implications for Ripple’s ongoing legal battle with the agency.
Uyeda’s Appointment Fuels Optimism in Crypto MarketsMark Uyeda, an advocate for clear cryptocurrency regulations, has been critical of the SEC’s previous enforcement-driven approach toward digital assets. “The Commission’s war on crypto must end,” Uyeda remarked in a recent statement. His appointment comes when former SEC Chair Gary Gensler resigned amidst increased heat on how the SEC handles crypto-related cases.
Mark Uyeda has been appointed as the new acting Chair of SEC. Source: Vivek via X
Given the fact that market analysts and people from the industry are of the opinion that this appointment of Uyeda will mark the end to an appeal by the SEC, and therefore, the final judgment would not be against Ripple, it has instilled a bullish sentiment into XRP, which has been at the center of regulatory discussions since the SEC filed a lawsuit against Ripple Labs in December 2020.
Ripple’s Legal Battle: A New Chapter?Ripple’s case with the SEC has seen several developments over the past year. In August 2024, Judge Analisa Torres ruled that XRP sales to institutional investors violated securities laws but dismissed allegations of fraud or recklessness. Ripple was ordered to pay $125 million in penalties, a fraction of the $1 billion initially sought by the SEC.
The judge granted Ripple’s motion to seal documents in its ongoing legal battle with the SEC. Source: CryptosRus via X
The SEC’s appeal, filed earlier this month, challenges the classification of XRP’s programmatic sales as non-securities. However, Uyeda’s leadership might signal a shift toward a more collaborative regulatory approach, potentially leading to a resolution in Ripple’s favor.
XRP Price and Market TrendsXRP’s price rally to $3.10 on Monday represents a partial recovery from Sunday’s 9.55% decline. Increased on-chain activity and whale transactions contributed to the uptick, with Santiment data indicating a spike in large-scale XRP purchases. Despite a temporary dip in derivatives market open interest, funding rates for XRP futures reached a six-week high of 0.0143%, reflecting growing confidence among traders.
The XRP price has recently encountered fresh supplies near the immediate resistance at $3.40. Source: XTrendSpeed/TradingView
Technical indicators point to further bullish momentum for XRP. Analysts project that if XRP holds above its key support level at $2.90, it could breach its previous all-time high of $3.55 and climb to $4.22. This target is derived from the height of the recent bullish flag pattern on the 8-hour chart.
However, a break below $2.90 could trigger a retracement to $2.60, aligning with the 23.6% Fibonacci retracement level and the 50-day Simple Moving Average (SMA).
Ripple’s Regulatory Outlook Under UyedaUyeda’s appointment has also sparked discussions on broader regulatory reforms. President Trump’s pro-crypto stance, highlighted by Uyeda’s selection, has been viewed as a step toward fostering innovation in the digital asset space. Industry experts believe this could pave the way for approval of spot XRP ETFs, which analysts at Standard Chartered estimate could attract $4.3 billion to $8.4 billion in inflows within a year of launch.
The $3 resistance has now transformed into psychological support for the XRP price. Source:XRP Liquid Index (XRPLX) via Brave New Coin
Additionally, Uyeda’s leadership may encourage and push the SEC to revisit other contentious regulatory policies, such as its strict stance on crypto custody and reporting requirements for financial institutions.
This is another indication that hope for Ripple’s XRP is on the horizon, though regulatory uncertainty continues to drag the company’s shares down. Challenges remain ahead, but Mark Uyeda, appointed acting SEC Chair, shows a pro-crypto approach, which may reshape the future of cryptocurrency in the United States by enabling regulators and blockchain companies to present a more constructive dialogue.
origin »Ripple (XRP) на Currencies.ru
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