Stuart Alderoty has urged the incoming Trump administration to resolve the SEC’s lawsuit against Ripple, while XRP holds steady at $2.21 support level.
By Anisha Pandey
Edited by Julia Sakovich
Updated
3 mins read
On the fourth anniversary of the high-profile legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC) Ripple‘s Chief Legal Officer (CLO) Stuart Alderoty, publicly demanded an end to what he described as a “lawless lawsuit”.
Alderoty took X to urge the incoming Trump administration to rectify the alleged regulatory missteps that have plagued the crypto industry during the tenure of former SEC official William “Bill” Hinman.
The new comments came after Alderoty explained last week that the government should focus on legislation that fosters innovation. “[We should avoid] codifying abstract concepts that fueled the previous administration’s War on Crypto – without serious study and broad consensus,” he stated at the time.
Ripple, alongside its CEO Brad Garlinghouse and co-founder Chris Larsen, has been embroiled in a costly legal battle. Ripple CEO previously stated that the company expects to have spent $200 million by its conclusion. Beyond monetary costs, the lawsuit has also caused major reputational damage to Ripple, raising concerns over the SEC’s overregulation and enforcement-first approach.
The case remains pivotal as the SEC is set to file its opening brief by January 15, just days before Chair Gary Gensler steps down. The agency’s appeal against XRP-related distributions and sales by Ripple will be reviewed in the 2nd Circuit Court.
The incoming Trump administration has sparked optimism within the crypto community, with many speculating that Ripple’s prolonged legal battle may soon find closure. Since Donald Trump’s electoral victory, XRP XRP $2.50 24h volatility: 0.6% Market cap: $143.92 B Vol. 24h: $8.92 B has seen its market cap surge by more than four times, currently standing at $126 billion.
Looking ahead, industry insiders are hopeful about regulatory clarity enabling the launch of an XRP exchange-traded fund (ETF) by 2025. Top asset managers, including 21Shares and WisdomTree, have already filed applications with the SEC for spot XRP ETFs.
Despite ongoing legal uncertainties, XRP price movements have demonstrated resilience. Ripple’s native cryptocurrency has shown massive gains in this bull market, surging over 250% in the past year.
XRP recently bounced back from lows of $2 to hold a crucial support level at $2.21. Although XRP is currently 42% down from its all-time high of $3.84, technical charts indicate a promising bull flag pattern.
Crypto analyst Ali Martinez recently stated that maintaining the $2.20 support level could enable XRP to consolidate before targeting the $2.70 resistance. However, he cautioned that a failure to sustain support might result in a drop to $1.96.
Adding to the ecosystem’s momentum, Ripple CTO David Schwartz recently noted the utility of Ripple’s recently launched RLUSD stablecoin. Designed to enhance XRP Ledger’s ecosystem, RLUSD drives positive trading volume and positions XRP as a critical bridge asset, boosting market activity.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
With a background in finance and a passion for innovation, Anisha has been covering the ever-evolving world of crypto for over four years. Her deep understanding of the crypto market have made her a trusted source for analysis and news. Whether it's dissecting the latest trends or decoding whitepapers, Anisha is dedicated to bringing clarity to the world of digital assets.
