XRP finally looks to be recovering after a rough few weeks. The token managed to outperform Bitcoin on Thursday as it climbed nearly 6%.
XRP has had it’s back against the ropes for much of 2021. However, things are finally starting to look up for the fifth-ranked project by market capitalization.
XRP saw relative strength on Thursday following the appointment of the incoming U.S President. Joe Biden is set to elect a new Head of the Office of the Comptroller of the Currency (OCC) within the coming days.
Biden looks set to appoint ex-Ripple advisory board member Michael Barr. Barr is a former US Treasury official and has vast knowledge regarding cryptocurrencies. He had also previously served as an advisor to Ripple Labs Inc. from 2015.
The former Assistant Secretary for Financial Institutions previously commented on bitcoin as means of exchange. In an article shared by Barr in 2016, the former Ripple advisor stated that “you can help bank the unbanked with lower-cost services” when talking about Bitcoin.
Barr’s appointment should bring more good news to Ripple following the recent SEC charges brought against the company.
Ripple Labs Inc. is looking to move forward from the disastrous publicity it has experienced in recent months. The company admitted in its latest blog post that while the past 12 months have signified steady growth within the industry, US and global regulation continue to be a major issue.
Regulatory concerns will remain a focus, but more so for Ripple, who is currently dealing with the SEC. General Counsel for Ripple, Stu Alderoty, believes that crypto regulation will be a top priority for the Biden administration.
Alderoty stated that:
“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 US.”
All the signs point to a recovery in price. XRP has seen its fourth consecutive day of price recovery in relation to bitcoin. The price has increased by 38.5% since bottoming out against bitcoin three weeks earlier.
There remains plenty of upside potential if the company can successfully negotiate the charges laid against it by the SEC. However, it would appear that the majority of sell-offs have ended. The token is currently consolidating.
Will the Biden administration bring good news to Ripple Labs Inc? Regulatory clarity could not come at a better time for the company as it looks to move forward from a dismal start to 2021.
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