Will XRP Price Explode now?
In the very latest update, the Biden’s administration is expected to name Ex-Ripple Advisor Micheal Barr as the OCC Chief. The Bitcoin price and the Ethereum Price had exploded nearly 5% and 12% resp when the OCC had permitted the banks to use public blockchains.
Micheal Barr had once said that the current global payment systems are outdated and innovations in the payment system can help make financial systems better, safer, and faster. Therefore Barr having worked closely with Ripple, the XRP community expects good days to come ahead and the price expected going to the moon.
In the current scenario, where bitcoin and ethereum are still experiencing a plunge, XRP price has bounced back gaining nearly 2.41%. Therefore, the crypto masses believe that with the inception of the new office under Biden’s presidency, the cryptos like XRP will be regulated.
At the time of writing, the XRP price is $0.2976 with a jump of 2.41 % in the last 24 hours. However, the price is expected to surge further to attain much higher levels.
How Does Biden’s Office Look at Cryptocurrency?
US President Joe Biden named Gary Gensler to head the SEC, to which Ripple CEO had expressed his contentment. This is obviously a good move for the crypto community as Gensler possess good knowledge about bitcoin and blockchain.
It is still misty on possibilities of completely regulating crypto space as he is not much admired by Wall Street. But a regulatory structure might be framed under his tenure. On the contrary, Biden has also named the Janet Yellen as the Treasury Nomiee who does not appear much in favour of cryptocurrencies.
Lastly, in a major move, Biden has frozen the proposed Crypto Wallet Rule by former Treasury Secretary Steven Mnuchin. According to the proposed rule, the exchanges were required to store the name and address of the customers transferring over $3000 crypto per day to private wallets.
However, a ray of hope is showcased by freezing the proposal. Yet it is still very early to predict the exact take of the new administration under Biden on cryptocurrency.