XRP Price Targets $8 with Anti-Crypto SEC Commissioner Resignation – Gensler Connection
XRP Price Looks at $8 as SEC Commissioner Resigns
In some exciting news for the crypto world, XRP’s price saw a big jump after Securities and Exchange Commission (SEC) Chairman Gary Gensler announced his exit. Following suit, anti-crypto SEC Commissioner Jaime Lizárraga also revealed that he will be stepping down in January 2025, citing personal reasons related to his wife’s health.
Lizárraga, a Democrat who has been known for his tough stance against crypto, agreed with Gensler that all crypto tokens should be considered securities. Despite his departure leaving the SEC with a Republican majority, regulatory changes will still require bipartisan agreement, maintaining a balance in decision-making.
The recent developments have stirred quite a buzz in the crypto market, especially impacting XRP’s price, which soared over 33% in a single day. The positive sentiment surrounding the token broke through key resistance levels, indicating a shift in traders and investors’ attitudes towards XRP.
Analysts like Armando Pantoja, a vocal supporter of XRP, shared their bullish outlook on the token’s future price. Pantoja sees XRP potentially reaching $2-$2.10 in the short term, with a possible long-term target of $8. He even mentioned that breaking past $8 could set XRP on a path towards $30, driven by expectations of a more favorable regulatory environment under a Republican-led SEC.
Investors are hopeful for a more balanced regulatory approach with Gensler and Lizárraga’s exits, anticipating reduced scrutiny and enforcement actions against crypto companies. While the exact policies of the post-Gensler SEC are still uncertain, the surge in XRP’s price to $1.50 indicates growing confidence among market participants.
As we wait to see how the new SEC leadership approaches crypto regulations, the overall market sentiment remains upbeat. XRP’s recent price movements reflect investors’ optimism for regulatory relief and a brighter future for digital assets.
