XRP is in the limelight once again with Paul Atkins, a well-known crypto-friendly personality, becoming the new Chair of the U.S. Securities and Exchange Commission (SEC).
With his appointment, the crypto community is abuzz, particularly XRP investors who have been waiting patiently for regulatory direction.
Paul Atkins: A Crypto-Friendly SEC Chair
Paul Atkins last held the office of commissioner between 2002 and 2008. However, now with a vastly changed environment, he’s coming back as Chair, having been nominated by former President Donald Trump and confirmed by the Senate.
Compared to his predecessor, Gary Gensler, who has taken a no-nonsense approach against crypto companies, Atkins is generally regarded as more industry-friendly.
What supports this claim is his own investment interest in crypto. Financial reports indicate Atkins has invested up to $6 million into crypto-focused firms such as Anchorage Digital and Securitize, which specialize in digital asset custody and blockchain. This is a strong indication he has knowledge of the area and is not opposed to its progress.
What This Means for XRP
XRP has fought a legal battle with the SEC for years. The central debate has been whether XRP ought to be regulated as a security. Under the leadership of Gary Gensler, the SEC pursued Ripple Labs, the developer of XRP, aggressively. But with Paul Atkins now running the show, many expect that the tables could turn.
A more pro-crypto SEC could relax the regulatory overhang on Ripple and potentially result in a positive settlement. That by itself could lift the shadow on XRP and enable the token’s price to trade freely.
XRP ETFs and New Investor Interest
Another thrilling development is the consideration of more than 72 crypto-index ETF applications in the new leadership of the SEC. These range from XRP-based ETFs, Solana (SOL), and Litecoin (LTC) ETFs. If they are approved, it may precipitate huge capitals into XRP. JPMorgan analysts also forecast that ETFs based on XRP would bring in over $8 billion in the initial year.
This type of institutional focus can give the impetus XRP requires to eventually break out of its sideways range and initiate a sustained rally.
XRP Price Action and Technical Signals
To date, XRP’s price has risen to about $2.22, supported by a combination of technical and positive sentiment factors. Analysts such as Ali Martinez refer to a bullish trend referred to as an inverse head and shoulders on both the hourly and 4-hour charts. Such a trend typically indicates a breakout is imminent.
If XRP remains above $2.20 and pushes past resistance at $2.30, it may rally up to $2.70, the next major resistance point. A decline below $2.20 would detract from the bullish argument.
Though XRP hasn’t surged yet on the news of Paul Atkins becoming SEC Chair, the stage is set for a potential breakout. With friendlier regulation, possible ETF approvals, and strong technical patterns, momentum could build fast.
Now, all eyes are on Atkins—his crypto-friendly approach might finally give XRP the clarity and push it needs to soar.
Also Read: What to Expect from Paul Atkins as the New SEC Chair?
