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- Ripple’s CEO is convinced the firm is ready to go public through the IPO route.
- The Ripple boss is, however, convinced that SEC Chair Gary Gensler needs to be fired.
The CEO of Ripple Labs Inc. Brad Garlinghouse says the company is now ready for an Initial Public Offering (IPO) launch. However, the company insists on removing Gary Gensler as Chairman of the Securities and Exchange Commission (SEC) for that to happen.
Ripple CEO on IPO Prospects: Gensler’s Resignation Tops
The CEO’s comments are in response to reports of President Joe Biden’s outreach toward crypto businesses in its ongoing election campaign. While this move reflects a shift from the President’s earlier stance against crypto, Garlinghouse believes Gensler’s resignation is pivotal to crypto’s future development.
“If the Biden administration is actually serious about a shift (and finally waking up to the crypto electorate) – the single most important thing they can do is demand the resignation of Gary Gensler,” Garlinhouse stated in a recent post on X.
The XRP community appears to be in sync with Garlinghouse regarding Gensler’s removal as SEC Chairman. One community member commented, “This dude Gary Gensler has hurt many XRP holders, while Ethereum and Bitcoin got their bull run, XRP had been stagnant for 6 years .. although they are the most transparent.”
Similar to Garlinghouse, many crypto enthusiasts see Gensler as the political liability of President Biden’s administration. This opinion is based on the harsh crypto policies the Chairman has put in place since he took over office. Like many other firms, Ripple has been on the receiving end of these policies.
Garlinghouse highlighted that Gensler has been concentrating on employing more attorneys to pursue crypto firms rather than creating clear regulations. The Ripple CEO and other prominent figures in the sector describe this strategy as regulation through enforcement.
Notably, the SEC has filed many cases against crypto firms, including Coinbase, Binance, Kraken, and LBRY under Gensler’s leadership. Despite taking over the Ripple litigation from the previous administration, many think Gensler’s leadership at the SEC caused a major delay in its settlement.
Last year, US District Judge Analisa Torres ruled in favor of Ripple, giving the firm a partial victory. However, Gensler hinted at the possibility of the SEC appealing the court’s summary judgment, per Crypto News Flash’s earlier announcement.
Gensler’s harsh regulatory stance against crypto sparked the “Fire Gensler” campaign throughout the sector. Garlinghouse shared the sentiment and has urged Biden’s administration to demand Gensler’s resignation.
How XRP Reacts
Let’s look at how XRP, the crypto associated with Ripple Labs, is reacting following this recent development.
Crypto analyst Javon Marks says XRP’s price is moving closer to the coinciding point of the showcased Pennant/Coil Pattern, indicating a possible bullish breakout for XRP.
$XRP (Ripple) and a 360X
Moment by moment, prices of XRP inch closer and closer to the coinciding point of the showcased Pennant/Coil Pattern, and a bullish breakout can be what’s in store as the RSI and Price confirmed a Hidden Bullish Divergence that technically, implies… https://t.co/jFmsz2peFf pic.twitter.com/7ESsbnwKLO
— JAVON⚡️MARKS (@JavonTM1) June 1, 2024
This potential bullish breakout is confirmed by a Hidden Bullish Divergence. This indicator technically implies underlying strength in an already existing uptrend.
The analyst foresees a 36,000% increase for XRP into the $200 price range if the bullish breakout continues. At press time, XRP is trading at $0.5217. It is up by 1% in the last 24 hours. It has a market cap and trading volume standing at $28.9 billion and $1 billion respectively.
