Share:
Ripple CEO Brad Garlinghouse slammed the SEC’s lawsuit against the firm, in a recent interview with Bloomberg.
Garlinghouse explains why Ripple has been forced to rely on court decisions for regulatory clarity and a potential XRP ETF.
XRP price held steady above $0.55 on Wednesday, down 1% on the day.
Ripple CEO Brad Garlingouse commented on the SEC v. Ripple lawsuit and a potential XRP ETF. The payment remittance firm recently acquired Standard Custody to venture into the crypto custodian business.
XRP price traded sideways above the $0.55 level on Wednesday.
Also read: XRP price eyes rally to 2024 peak, holders await new developments in SEC v. Ripple lawsuit
Ripple CEO Brad Garlinghouse believes that payment remittance firm Ripple has won on important issues in the SEC v. Ripple lawsuit.
Garlinghouse is likely referring to Judge Analisa Torres July 13 ruling where XRP was considered as not a security in its secondary market sales.
Garlinghouse told Bloomberg that the SEC has consistently lost its lawsuits against Coinbase and Ripple too (previous rulings in the SEC v. Ripple lawsuit).
The SEC v. Ripple lawsuit is past its remedies-related discovery phase, as of Wednesday.
Garlinghouse shared his thoughts on how the payment remittance firm has faced regulation by enforcement and through court rulings.
The Ripple CEO welcomes Ripple ETF and discussed its possibility in an interview with Bloomberg on Tuesday.
Garlinghouse calls for more clarity on crypto regulation and states that the SEC is likely to realize sooner rather than later that it has consistently lost its lawsuits against crypto firms.
XRP price is in an uptrend and the altcoin is currently trading at $0.5518. The altcoin faces resistance at the 61.8% and 78.6% Fibonacci retracement levels of its decline from the 2024 high to January low.
XRP price is likely to face a resistance at $0.5812 and $0.6073, on its path to $0.6405.
To the downside, the altcoin could find support at the 38.2% Fibonacci retracement level at $0.5446.
The Moving Average Convergence Divergence (MACD) indicator supports the positive momentum in XRP price. However, the red bar on the Awesome Oscillator (AO) signals that an uptrend is likely not in place, a sweep of support is likely before XRP price resumes its rally towards the $0.6405 target.
XRP/USDT 1-day chart
A daily candlestick close below the 38.2% Fib retracement could invalidate the bullish thesis and signal a decline in XRP price.
What is Bitcoin?
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
What are altcoins?
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
What are stablecoins?
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
What is Bitcoin Dominance?
Bitcoin dominance is the ratio of Bitcoin’s market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
Share:
Cryptos feed
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
