XRP News Today: Ripple Surges 25% as SEC Chair Speculation Sparks Optimism

XRP Hits $1.2 for the First Time Since November 2021

On Saturday, November 16, XRP surged 25.57%, following a 15.19% breakout on Friday, closing at $1.1205. Significantly, XRP climbed to a session high of $1.2679, its highest level since November 2021. XRP outperformed the broader crypto market, which gained 0.81%, taking the market cap to $2.980 trillion.

SEC Overhaul and Ripple Case Developments

XRP has woken from a deep sleep, with Trump’s election victory thawing the crypto market. Notably, the focus is on a potential SEC overhaul and the agency’s plans to challenge key rulings in the Ripple case.

On Saturday, November 16, Fox Business journalist Eleanor Terrett reported on the anticipated SEC overhaul, stating,

“While Donald Trump’s pick for SEC Chair chair remains unknown, it looks increasingly likely that Gary Gensler will step down voluntarily and choose not to finish his term as commissioner (which would expire in 2026) as some had speculated he may have done.”

Exiting the SEC in January could be pivotal as the agency must file its appeal-related opening brief by January 15, 2025. A pro-crypto agency head could withdraw the SEC’s appeal, in particular, against the Programmatic Sales of XRP ruling. A withdrawal of its appeal would set the Programmatic Sales ruling as a precedent for the US digital asset space.

On July 13, 2023, Judge Analisa Torres ruled that programmatic sales of XRP did not satisfy the third prong of the Howey Test.

New SEC Chair Speculation Intensifies

On Saturday, speculation intensified over a potential Gary Gensler replacement. Former SEC Office of Internet Enforcement Chief John Reed Stark shared his views on potential SEC Chairs, stating,

“Kudos Eleanor Terrett, nice job on reporting the SEC Chair shortlist to us all – you are killing it as always. Atkins, Gallagher, Bondi, and Stebbins are all highly impressive choices for the SEC Chair.”

Terrett remarked on Brad Bondi as a potential pick, saying,

“I didn’t know this until recently but Brad Bondi, who is said to be in the mix for the SEC chair, is the brother of Pam Bondi, former Florida Attorney General and an ally of Donald Trump. Some say this is Bondi’s “Trump card” (so to speak) and could give him an edge over other candidates.”

John Reed Stark remarked on Brad Bondi as a potential SEC Chair, saying,

“Like I said, I am on the record as being vehemently anti-crypto and Brad probably has the exact opposite position — but in this instance, I truly don’t care. Brad will transform the SEC from a vilified schoolyard bully into a respected, reflective and crypto-industry friendly institution — though he will be “tough but fair.” Brad is clearly the most likely of this group of nominees to really shake things up at the SEC.”

Stark commented on Bondi’s pro-crypto stance, predicting that his leadership could transform the SEC into a fairer and more crypto-friendly institution. Stark also anticipated Bondi might halt ongoing SEC crypto investigations and settle existing cases.

Outlook

Investors should focus on SEC Chair nominee-related news. A crypto-friendly SEC Chair, aligned with Trump’s crypto goals, could drive demand for XRP and the broader crypto market. The next key XRP level is $1.5, requiring a break above September 2021’s high of $1.4168.

XRP Price Action

Daily Chart

XRP sits comfortably above the 50-day and 200-day EMAs, confirming the bullish price trends.

A breakout from Saturday’s high of $1.2679 could signal a move toward September 2021’s high of $1.4168. Furthermore, a break above $1.4168 may enable the bulls to target $1.50.

SEC Chair-related news and Ripple case-related chatter require consideration.

Conversely, a drop below $1 may signal a fall toward the $0.90 level. A break below $0.90 would bring the $0.8256 support level into play.

With a 14-day RSI reading of 79.66, XRP sits in overbought territory. Selling pressure could intensify at Saturday’s high of $1.2679.