XRP Price Jumps As Ripple Leadership Blasts SEC’s ‘Hypocritical’ Crypto Regulation
31 Luglio 2024 - 6:30AM
NEWSBTC
The XRP price has climbed by over 4% within the last 24 hours,
extending its bullish trend observed over the past month. This
increase propelled the token to a four-month peak of $0.6377 early
on Tuesday, outperforming the top 10 cryptocurrencies in the
market. However, this recent surge in value coincides with strong
criticism from key Ripple executives, including CEO Brad
Garlinghouse and the company’s Chief Legal Officer Stuart Alderoty,
directed at the leadership of the US Securities and Exchange
Commission (SEC). Ripple’s Response To Amendments In Binance
Lawsuit As Bitcoinist reported early Tuesday, the SEC amended its
complaint against the world’s largest exchange, Binance,
specifically adjusting the classification of 10 cryptocurrencies,
such as Solana (SOL), Cardano (ADA), Polygon (MATIC), and Cosmos
(ATOM), that were initially deemed as “securities.” Related
Reading: Research Firm Predicts Bitcoin Game Theory In Global
Adoption Race Brad Garlinghouse, Ripple’s CEO, responded to this
development by emphasizing the SEC’s perceived “hypocrisy” in the
classification of crypto tokens and its management of crypto
regulations over the past year under the guidance of Chair Gary
Gensler. Garlinghouse criticized the SEC for what he sees as
a lack of clarity in the consistent application of rules,
suggesting possible political agendas or questionable litigation
tactics. “Definitely not faithful allegiance to the law,”
Garlinghouse said. Stuart Alderoty, Ripple’s CLO, also
weighed in on the situation, pointing out apparent inconsistencies
between the lawsuits involving Binance and the US-based crypto
exchange Coinbase, both initiated around the same period in the
last quarter of 2023. Alderoty highlighted the SEC’s response to
judicial scrutiny in the Binance case compared to its stance in the
Coinbase lawsuit, particularly regarding the classification of
tokens, in which twelve cryptocurrencies, most of which were also
included in the Binance case, were also deemed securities.
Analyst Forecasts Bullish Breakout For XRP Price Despite XRP not
being implicated in the recent SEC decision, its price continues to
surge following a 33% uptrend over the past month. The sustained
momentum fueled by bullish investors suggests a potential push
towards the $1 threshold. Crypto analyst Ali Martinez notes that
XRP’s price has been consolidating within a symmetrical triangle
pattern for six years. Martinez anticipates a bullish breakout if
XRP surpasses the $0.90 mark, especially in light of the ongoing
recovery from a significant dip that drove the token to a 17-month
low of $0.3825 on July 5. Related Reading: Dogecoin & Other
Memecoins Seeing Less Interest Than Bitcoin: Data However, a
critical event looms on August 1 when Ripple Labs is scheduled to
release 1 billion XRP from its escrow account, which this influx of
supply could potentially outstrip demand, leading to a subsequent
decline for the XRP price if market interest fails to materialize.
The key will be to watch the $0.5353 level, where the token’s
200-day exponential moving average (EMA) currently resides, which
could act as a notable support in the scenario of a further decline
following Ripple’s token release. Featured image from DALL-E, chart
from TradingView.com
Grafico Azioni Cardano (COIN:ADAUSD)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni Cardano (COIN:ADAUSD)
Storico
Da Set 2023 a Set 2024