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- Ripple’s (XRP) boss highlights the rising sentiment among the crypto community as the 119th Congress produces Mike Johnson as the speaker.
- Analysts have predicted that XRP could hit $3 if the SEC decides not to file its opening brief.
The 119th Congress of the US occurred on January 3, 2025, at noon EST when the members-elect of the United States Senate and the United States House of Representatives were sworn in. According to reports, Donald Trump-backed Mike Johnson was re-elected as the speaker on the first ballot by a 218–215–1 tally.
Prior to the Congress, Ripple CEO Brad Garlinghouse highlighted that the much-anticipated meeting would result in a bullish sentiment and growing excitement across the industry.
Today, here in the US, we welcomed the 119th Congress—better known as the most pro-crypto Congress in history. The journey is just beginning, but you can’t deny the energy & excitement already building across the industry. Let’s get to work.
Trump’s re-election is reported to be a victory for the crypto industry as the Republicans have a 219-215 majority in the House and a 53-47 majority in the Senate. Meanwhile, Anthony Scaramucci believes that there is a bipartisan position for crypto which is evident in last year’s Staff Accounting Bulletin No. 121 (SAB 121) vote. The SAB 121 was a requirement for companies to hold crypto on their balance sheet. According to reports, the outgoing president, Joe Biden, Vetoed the decision. Scaramucci also believes that all the Democrats who are under 60 years of age voted against the bill.
Could the Current Political Climate Affect the Ripple (XRP) vs SEC Case?
The US Securities and Exchange Commission (SEC) is expected to file an appeal in relation to the opening brief before the January 15 deadline, days before the stepdown of SEC chair Gary Gensler as we reported earlier. Meanwhile, the case is expected to take a dramatic turn with former Commissioner Paul Atkins appointed as Gensler’s replacement.
According to former SEC lawyer Marc Fagel, the Commission could go ahead and file the appeal under the outgoing administration. However, it could be withdrawn under a new leadership.
The appeal will continue for now, and that process takes about a year. But there is the possibility that a new administration decides to move to dismiss the appeal. That’s not something I recall happening before, but it’s possible and maybe likely.
Delving into this, we discovered that the decision to continue or withdraw the appeal does not solely lie on the Chairman but the Agency. Based on the historical reaction to positive court outcomes, XRP could make an explosive surge if the commission makes a bold move to discontinue the case.
At press time, XRP was trading at $2.4 after surging by 12% in the last seven days. On its 90-day chart, XRP has printed a price gain of 360%. On the day of the Congress, XRP extended its positive streak to four sessions to send the total market cap to $3.4 trillion. Meanwhile, XRP has a valuation of $140 billion.
According to analysts, speculations that the SEC will withdraw its case against Ripple could send the price of XRP to $3. However, a decision of the Commission to file its opening brief could drag the price back to $2.
