XRP Rallies 50%, Following Appointment of New Acting Chairman by SEC
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XRP Rallies 50%, Following Appointment of New Acting Chairman by SEC

December 25, 2020      Jafrin Ahmed

The fourth-largest cryptocurrency by market capitalization XRP seems to have gained life again following its recent catastrophic downfall. On Dec. 24, the cryptocurrency rallied by 49 percent in mere hours climbing to $0.378 at 23:40 UTC on Bitstamp crypto exchange. Over the past couple of days, XRP came under pressure following U.S. Securities and Exchange Commission (SEC) filing a lawsuit against its parent company Ripple.

XRP Rallies to 50%

XRP crashed by over 58% in just two days causing a ripple effect on other altcoins as well. The digital asset had liquidations crossing $1.5 billion at the beginning of November.

SEC alleges that XRP’s parent company, Ripple has violated the laws of federal securities laws by selling XRP as a cryptocurrency. The SEC claims that the token as security makes it untradeable. For this reason, many of the crypto exchanges have already cut off ties with the digital currency amid the legal risks involved.

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Elad Roisman Appointed Acting Chairman at SEC

SEC Commissioner Hester Peirce took to Twitter to officially congratulate Elad Roisman on the new job. Roisman was initially appointed by President Trump as an SEC commissioner two years ago. XRP’s latest surge by 50% comes after crypto-friendly Republican Roisman gets named as the acting chairman of SEC.

He comes with a reputation for being friendly towards the crypto industry. For instance, in a Senate Banking Committee hearing in July 2018, Roisman emphasized ICOs and blockchain technology, saying:

“SEC must examine and re-examine its rules, regulations, and guidelines to ensure that they are still working as intended to accomplish the SEC’s mission. This is most recently manifested in areas such as data protection and cybersecurity, as well as the emergence of new investments and technologies such as initial coin offerings and blockchain.”

Roisman had previously served as chief counsel for NYSE Euronext, which was eventually sold to the Intercontinental Exchange (ICE), the parent company of Bakkt futures exchange.

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Jafrin Ahmed
Jafrin Ahmed

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.