The XRP price is down 0.8% in the last 24 hours, retreating to 0.520 USD as the crypto market corrects somewhat after a bullish start to the week.
XRP has now fallen 3% in two weeks and 16% in a month, while the altcoin has seen a 6% decline over the past year.
XRP’s underperformance is due to ongoing uncertainty surrounding the SEC’s recent appeal, although some cryptocurrency-focused lawyers suggest that a Trump victory in next week’s election would likely result in current chairman Gary Gensler leaving the regulator.
If true, this could mark a shift to a more crypto-friendly regulatory system, allowing the XRP price to continue its previous growth.
XRP Price Prediction: Could Trump Victory Cause Gary Gensler to Resign and Push XRP Price to 100 USD?
In a post on X, well-known legal expert MetaLawMan – aka James A. Murphy – outlined five options for Gensler in the event of a Trump victory.
It is worth highlighting the first possibility, namely Gensler’s resignation, since this usually happens when there is a change of administration.
If Trump wins, one of these things will happen:
1. @GaryGensler resigns promptly, as is the tradition when there is a change in administration.
2. Trump asks for Gensler's resignation on Day 1 and he complies.
3. Trump replaces Gensler as SEC Chairman, but allows him to…— MetaLawMan (@MetaLawMan) October 29, 2024
This probability may be one of the reasons why the cryptocurrency market has rallied ahead of next week’s election, as the market is betting on a Trump victory.
Of course, there may be fears that Gensler will refuse to follow precedent and resign.
This could lead to difficulties, and Murphy even suggests – as a fifth scenario – that Gensler refuses to go, which could lead to a possible legal battle.
He seems to think this is unlikely, if only because it has never happened before. Still, it is telling that during last week’s surge, XRP price has not risen as much as other major tokens.
In other words, there may be fears that the SEC’s recent appeal could cause problems for Ripple, although other lawyers have argued that the situation is not as dire as it seems.
I've never been so excited to get a "C" since I was in high school math.
What is NOT being appealed: That XRP is not a Security.
What is being appealed: Ripple's sales of XRP on exchanges and the use of XRP as a kind of payment.
What does "De Novo" mean? It means the appellate… https://t.co/DBsQpi8kVi pic.twitter.com/ssSlxblSfy
— Jeremy Hogan (@attorneyjeremy1) October 17, 2024
This more positive outlook puts XRP in a good position to recover towards the end of the year, especially if Trump wins.
Today’s chart of the coin suggests that the price of the coin could correct in the next few days before rising again in the final days before the election.
After reaching 70 yesterday, XRP’s Relative Strength Index (purple) has fallen below 50, a sign of a correction.
However, if Trump wins the election next week, we would expect the XRP price to rise along with the market.
It could reach 0.65 USD by the end of November and 0.75 USD by the end of the year.
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