{"id":25921,"date":"2024-12-05T06:45:56","date_gmt":"2024-12-05T06:45:56","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=25921"},"modified":"2024-12-05T06:45:56","modified_gmt":"2024-12-05T06:45:56","slug":"why-is-ripple-xrp-plunging-when-trump-picked-pro-crypto-sec-chair","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=25921","title":{"rendered":"Why Is Ripple (XRP) Plunging When Trump Picked Pro-Crypto SEC Chair?"},"content":{"rendered":"

TL:DR;<\/strong><\/p>\n

Led by bitcoin, most of the cryptocurrency market is well in the green today, but this is not the case for Ripple\u2019s native token.
\nThis comes in a particularly confusing time as Donald Trump made his choice for a new SEC chair and he is someone with good history with the crypto industry.<\/p>\n

<\/a><\/p>\n

Pro-SEC Chair at Last?<\/h2>\n

It was roughly four years ago when the US Securities and Exchange Commission initiated its lawsuit against Ripple, alleging the company and two of its top execs of illegally raising $1.3 billion by selling XRP tokens as unregistered securities. Since then, the case has undergone many tribulations and developments, but most have gone well for Ripple, which has secured a few partial wins.<\/p>\n

The lawsuit was close to its resolution this summer when a US judge ruled that the firm needed to pay $125 million and it would be settled. However, the SEC, still under Chair Gary Gensler, appealed a 2023 verdict, thus extending the case.<\/p>\n

Donald Trump\u2019s victory in the presidential elections on November 5, though, changed the complexion of the game as he had promised<\/a> to fire Gensler on his first day in office. The current SEC Chair didn\u2019t wait to be fired and announced<\/a> his resignation a few weeks back, which will become official on January 20.<\/p>\n

All crypto eyes turned back on Trump, expecting a friendlier replacement<\/a> at the helm of the securities regulator. His nomination is indeed pro-crypto<\/a>, at least historically \u2013 former SEC Commissioner Paul Atkins. Consequently, XRP should be surging, right?<\/p>\n

Why Is XRP Dumping?<\/h2>\n

Most of the aforementioned developments, including Trump\u2019s win and Gensler\u2019s resignation, led to massive rallies for Ripple\u2019s native token. The asset shot up from $0.6 a month ago to almost $3<\/a> earlier this week, thus skyrocketing by more than 400% within this timeframe.<\/p>\n

Now, though, XRP has plummeted by 12% on a daily scale, going below $2.3. Moreover, it lost its spot as the third-largest cryptocurrency to Tether as its market cap dropped to $130 billion.<\/p>\n

The timing is quite confusing, given the positive news coming from the future Trump administration. So far, it seems like the rally was a classic \u2018buy-the-rumor, sell-the-news\u2019 event since XRP skyrocketed<\/a> in anticipation of a big change in the SEC and is dumping once that change comes to fruition.<\/p>\n

The post Why Is Ripple (XRP) Plunging When Trump Picked Pro-Crypto SEC Chair?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL:DR; Led by bitcoin, most of the cryptocurrency market is well in the green today, but this is not the case for Ripple\u2019s native token. This comes in a particularly confusing time as Donald Trump made his choice for a new SEC chair and he is someone with good history with the crypto industry. Pro-SEC […]<\/p>\n","protected":false},"author":0,"featured_media":25922,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-25921","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/25921"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25921"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/25921\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/25922"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25921"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25921"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25921"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}