XRP News: Can Ripple Sue The SEC And Gary Gensler For Possibly Reducing XRP’s Value?

The post XRP News: Can Ripple Sue The SEC And Gary Gensler For Possibly Reducing XRP’s Value? appeared first on Coinpedia Fintech News

Big news today—Gary Gensler has announced his resignation, sharing a tweet and an article on the SEC’s website, where he praised his own tenure. However, his self-congratulatory remarks have been met with criticism, as many believe his time at the SEC was marked by poor leadership and regulatory overreach. Critics have long accused Gensler of not acting in good faith, and his departure is seen by some as a much-needed change for the agency.

Amid the excitement in the crypto market, a user raised an interesting question about whether Ripple has grounds for a lawsuit against the SEC for government overreach and the significant impact on the coin’s value. 

https://twitter.com/GaryGensler/status/1859658192298574096

Former SEC lawyer Marc Fagel weighed in on the matter, clarifying that the court had already found Ripple guilty of illegally raising over $700 million through an unregistered securities offering. As a result, Fagel argued that there is no valid case for Ripple to sue the SEC, stating that it was a decision already made by the court.

A user, however, countered that the case was still in appeal, and since the outcome could go either way, it shouldn’t be dismissed outright. In response, Fagel reaffirmed his position, stating that the decision was not “alleged” but was indeed already decided by the court.

XRP Sets Soaring After Gensler’s Resignation:

Crypto analysts are predicting big things for XRP. The altcoin has broken out of a six-year-long macro structure, signaling the start of a bull run and the next target sits at $2.

This bullish sentiment isn’t limited to XRP. The entire altcoin market is looking strong, with Ethereum starting to gain momentum, though it has been underperforming in this cycle compared to Solana. Solana itself is seeing major gains, currently priced at $257, and XRP has surged over 66% in the last seven days, positioning it as a leader among altcoins.