Ripple CLO Stuart Alderoty Celebrates Gary Gensler’s Last Day, XRP Price To $10?

Gary Gensler officially concluded his tenure as Chairman of the U.S. Securities and Exchange Commission (SEC) on Friday. Stuart Alderoty, Ripple’s Chief Legal Officer, commented on the event with a bold statement on social media. Alderoty suggested that starting Saturday, Gensler would no longer hold relevance in discussions surrounding the US SEC.

Gary Gensler’s Last Day as US SEC Chair: Ripple CLO Alderoty Comments

In a post on X, Stuart Alderoty, Ripple CLO, mocked Gary Gensler’s departure from the SEC. He remarked that the crypto industry would soon ask, “Gary who?”  Alderoty’s comments come amidst Ripple’s ongoing legal battle with the SEC, which began in 2020. 

The SEC has alleged that Ripple sold XRP as an unregistered security, a claim the company has denied. Despite the XRP company’s partial court victory in 2023, where the judge ruled that XRP sales to retail investors did not violate securities laws. However, the US SEC appealed the decision prolonging uncertainty for Ripple and the crypto industry. 

In recent reports on the XRP lawsuit, the U.S. Securities and Exchange Commission (SEC) filed an appeal challenging the district court’s 2023 ruling that XRP is not a security. The SEC argues that all XRP transactions, including programmatic sales to retail investors, qualify as investment contracts under the Howey Test.

Gary Gensler’s legacy as SEC Chair is marked by an aggressive approach to regulating the crypto industry. Under his leadership, the SEC initiated over 80 lawsuits against crypto companies, including prominent names such as Coinbase, Uniswap, and Ripple. 

Despite the controversies, Gensler claimed that crypto enforcement accounted for only a small portion of the SEC’s overall activities. Supporters of his tenure highlighted efforts to protect investors and enforce compliance across the financial sector. The former US SEC chair shared a video on X, reflecting on the four years in office.

XRP Price Performance Amid Leadership Changes

XRP experienced a surge in its price, climbing to $3.27 on Friday as Ripple CLO and crypto traders celebrated Gensler’s last day. Analysts noted the formation of a bullish pennant pattern on XRP’s weekly price chart. The pattern, often indicative of strong upward momentum, has led some analysts to forecast a potential short-term target of $10.

The bullish outlook is boosted by improved market sentiment surrounding Ripple’s chances in its legal battle with the SEC. Investors remain optimistic about the possibility of reduced regulatory pressure under the Trump administration. 

Additionally, recent price analysis supports the bullish outlook for XRP, with targets of $5, $10, $15, and $20 in sight. The ongoing rally is fueled by strong technical patterns like the “bull flag” and increased open interest, which recently hit $7.51 billion. Whale accumulation has also intensified, indicating growing investor confidence.

Anticipation Grows for XRP ETF Approval

More so analysts at JPMorgan broke silence on XRP ETF possibilities, forecasting an inflow of $3 billion to $8 billion if approved by the SEC. The prediction is based on adoption rates similar to BTC and Ether ETFs, which captured 6% and 3% of their market caps, respectively, within their early months. The report highlights the potential for XRP and Solana ETFs to boost liquidity and market adoption.

At press time, the Ripple token is trading at $3.27, marking a 39.71% gain over the past 7 days. The cryptocurrency’s market cap stands at $188.16 billion, with a 24-hour trading volume of $13.8 billion.