The year 2020 was a tumultuous year for Ripple. The company has been entangled with several lawsuits with the most recent from the U.S. Securities and Exchange Commission. XRP price suffered the most after going from one price dip to another.
But the year 2021 seems to be a favorable year for Ripple under the new administration. In a recent blog, Ripple stated:
“Looking ahead, Ripple’s leadership anticipates a year of continued acceleration for blockchain and cryptocurrency innovation and shares their insight of what 2021 might bring.”
RippleNet General Manager Asheesh Birla shared his insights on what’s going to happen in the crypto industry for the year 2021:
“The tide is turning. It’s possible that we could even see a fintech or cryptocurrency company acquire a traditional financial institution this coming year.”
Ripple also stated that the “new administration is expected to bring a renewed focus on regulation and enforcement from the White House.”
“A lack of a clear regulatory framework over the last four years in the U.S. especially has left fintech and blockchain players in a state of limbo. Other countries like the UK, Switzerland, Singapore, and Japan are miles ahead.”
Ripple’s General Counsel Stu Alderoty also predicts that crypto regulation will be a top priority for a Biden team. He further stated:
“Intelligent, well-thought-out regulations communicated effectively and uniformly applied can help level the playing field and unleash innovation and further mainstream adoption here in the U.S.”
After SEC filed a lawsuit against Ripple, XRP has been either delisted or suspended from major exchanges and other crypto businesses. Kraken was the newest addition to this growing list of crypto businesses that had cut ties with XRP.
But will things really work out on Ripple’s way? It can be recalled that Gary Gensler, the newly appointed US SEC Chief posited that Ripple’s XRP should be deemed as a security during the MIT conference in 2018.
“Hugo asked about the token XRP and whether I think it’s a non-compliant security. I’ve spoken publicly. Yes, I do think it’s a non-compliant security. It will be resolved by some courts, whether it’s appellate courts or the Supreme Court”
But an optimistic Brad Garlinghouse, Ripple CEO in a recent tweet stated that they are ready to work with the new SEC leadership.
Will the new US SEC Chief’s actions reflect Ripple’s optimism? In recent data by Crypto.co, XRP declined by 4.55% in a 24-hr chart with its price now at $0.268. The altcoin remains one of the top cryptocurrencies according to a report for Nasdaq. It has a trading volume of $2,695,697,281 for the last 24 hours.