On January 3, Ripple CEO Brad Garlinghouse announced the arrival of the 119th US Congress on his X account, calling it “the most pro-crypto congress in history.”
XRP’s market performance is rising alongside growing optimism in the cryptocurrency industry, fueled by a seismic political shift in Washington.
The timing could not be more critical. The Republican majority — which dominates both chambers for the first time in six years — has renewed hopes for regulatory clarity in blockchain and cryptocurrency.
On January 3, XRP extended its rally, closing at $2.4535, up 2.21% in 24 hours, while the broader crypto market added 2.62%, bringing its total market cap to 3.41 trillion USD.
Ripple’s CEO, as bullish as pro-crypto Congress, takes to Capitol Hill
Garlinghouse’s optimism reflects the Republican-dominated House and Senate. The GOP holds a 219-215 majority in the House and a 53-47 edge in the Senate, positioning them to push a pro-crypto agenda.
Trump-backed Mike Johnson was re-elected speaker of the US House of Representatives on the first ballot, cementing the party’s leadership.
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Ripple’s CEO has been vocal about the opportunities this change presents, especially after what he described as repressive policies under the Biden administration.
According to Garlinghouse, US-based cryptocurrency projects, including Ripple, have suffered regulatory problems during SEC Chairman Gary Gensler’s tenure.
The crypto community also celebrated Trump’s big election victory, after which the prices of XRP and ADA skyrocketed.
Ripple, XRP and SEC
The Republican shift comes as Ripple’s four-year legal battle with the SEC approaches a tipping point.
The SEC’s deadline for filing an initial filing related to the appeal is January 15. A potential withdrawal of the appeal could bring Ripple and XRP a big blow.
Garlinghouse, along with IOG’s Charles Hoskinson, reportedly met with Trump’s team to discuss shaping the upcoming crypto regulatory framework.
While these meetings are still not officially confirmed, the XRP community is closely monitoring changes at the SEC, including the expected departure of Chairman Gary Gensler on January 20th.
Trump’s pro-crypto nominee, former SEC commissioner Paul Atkins, is expected to bring a friendlier approach to blockchain regulation.
Former SEC attorney Marc Fagel noted that the new administration could reverse the agency’s aggressive stance on cryptocurrency enforcement.
Bullish $3
The recent growth of XRP has caught the attention of market analysts. It closed at $2.4535 on January 3, up 2.21% in one day and maintaining a four-session streak.
Analysts suggest that the price of XRP could break the $3 mark if the SEC withdraws its appeal. Some predict a jump above the 2018 high of $3.5505 if regulatory clarity is achieved.
However, uncertainty remains. If the SEC files its appeal as planned, XRP could face downward pressure, possibly falling below $2.
As the SEC’s Jan. 15 deadline approaches, all eyes are on Washington. The 119th Congress, hailed by Garlinghouse as a turning point for crypto, has injected new energy into the market.
With Trump’s pro-crypto administration taking shape, the XRP community is optimistic about swift regulatory reforms and a favorable resolution to Ripple’s legal battle. If these developments coincide, XRP could consolidate its position as the market leader in 2024.
