Ripple: XRP outperforms BTC by 5% following Joe Biden’s inauguration
XRP is showing signs of life after a tough month of mass sales.
The new appointee to the Office of the Comptroller of the US Currency is likely to be a former Ripple board member.
Ripple is counting on “well thought-out regulation” under the leadership of new Chairman Joe Biden.
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The XRP finally seems to be recovering Bitcoin Freedom after several difficult weeks. The token managed to outperform Bitcoin on Thursday 21 January with an increase of almost 6%.
The XRP was in the red for much of the beginning of the year. However, things are finally starting to improve for the project ranked fifth in terms of market capitalisation.
The XRP regained some strength on Thursday 21 January, following the inauguration of the new US president. Joe Biden is due to elect a new head of the Office of the Comptroller of the Currency (OCC) in the coming days.
Biden appears set to appoint former Ripple advisory board member Michael Barr. Mr. Barr is a former U.S. Treasury official and has extensive knowledge of cryptography. He also served as an advisor to Ripple Labs Inc. in 2015.
The former Assistant Secretary for Financial Institutions previously referred to Bitcoin as a medium of exchange. In an article shared by Mr. Barr in 2016, the former Ripple advisor said that “you can help the unbanked by offering them services at lower cost” about Bitcoin.
Does bitcoin have a future in development? https://t.co/BoHYDlbiLc
– Michael Barr (@Michael_S_Barr) January 21, 2016
Mr. Barr’s appointment is expected to bring further good news to Ripple following the recent SEC charges against the company.
What’s next for Ripple?
Ripple Labs Inc. is looking to move forward after the disastrous publicity it has suffered in recent months. The company admitted in its latest blog post that while the last 12 months have been synonymous with steady growth in the industry, US and global regulation continues to be a major issue.
Regulatory concerns will continue to be a major focus, but even more so for Ripple, which is currently facing SEC action. Ripple’s General Counsel, Stu Alderoty, believes that the regulation of cryptography will be a top priority for the Biden Administration.