The XRP (XRP), the price remained relatively unmoved on Thursday, Jan. 14, even as the broader cryptocurrency market triggered a recovery that returned more than $ 150 billion back to global market cap.
Earlier this week, the US Securities and Exchange Commission announced the imminent departure of Marc P. Berger, acting director of the commission’s enforcement department. The outgoing director was in office before the SEC’s $ 1.3 billion lawsuit against Ripple Labs began.
Berger is leaving his position at the end of the month after only five months in the position. Previously, he headed the New York regional office as a director since 2017, before being appointed to the enforcement department in August 2020.
The official announcement on the SEC website on Jan. 12 states that the outgoing director oversaw enforcement actions against numerous companies and corporate entities in relation to a plethora of financial crimes and misconduct.
These included Telegram Group Inc, which was ordered to pay back more than $ 1.2 billion to investors after what was considered an illegal token sale. Berger was in office for the start of the recent Ripple lawsuit saga, value CEOs of Ripple Labs to be suspect of holding an unregistered $ 1.3 billion securities offering. The case continues in Berger’s absence, with a temporary date set for February.
Berger has also brought claims against JP Morgan and Robinhood for market abuse, as well Deutsche Bank AG, Herbalife, and Stryker Corp for violations of the Foreign Corrupt Practices Act.
According to XRPs 76% price collapse In December 2020, the coin managed to reclaim 68% of its value, but the coin’s current valuation of $ 0.29 remains a long way from its recent November high of $ 0.78.
The coin price remained relatively stable on Thursday despite the general exchange rate of the rest of the market. The current XRP price of $ 0.295150 is 1.3% lower than it was quoted 24 hours earlier, leaving XRP with a market cap in the region of $ 13 billion.
Following Polkadot’s (DOT) 30% increase earlier on Thursday morning, pushing it to fifth place by market cap, a new spike of similar magnitude would push XRP out of fourth place.