Ripple CEO criticizes SEC says regulator has lost lawsuits consistently; XRP price holds firm above $0.55
- 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
Daily Digest Market Movers: Ripple CEO says the firm has won SEC 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.
Technical Analysis: XRP price holds steady above $0.55
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.
Cryptocurrency metrics FAQs
What is circulating supply?
The developer or creator of each cryptocurrency decides on the total number of tokens that can be minted or issued. Only a certain number of these assets can be minted by mining, staking or other mechanisms. This is defined by the algorithm of the underlying blockchain technology. Since its inception, a total of 19,445,656 BTCs have been mined, which is the circulating supply of Bitcoin. On the other hand, circulating supply can also be decreased via actions such as burning tokens, or mistakenly sending assets to addresses of other incompatible blockchains.
What is market capitalization?
Market capitalization is the result of multiplying the circulating supply of a certain asset by the asset’s current market value. For Bitcoin, the market capitalization at the beginning of August 2023 is above $570 billion, which is the result of the more than 19 million BTC in circulation multiplied by the Bitcoin price around $29,600.
What is trading volume?
Trading volume refers to the total number of tokens for a specific asset that has been transacted or exchanged between buyers and sellers within set trading hours, for example, 24 hours. It is used to gauge market sentiment, this metric combines all volumes on centralized exchanges and decentralized exchanges. Increasing trading volume often denotes the demand for a certain asset as more people are buying and selling the cryptocurrency.
What is funding rate?
Funding rates are a concept designed to encourage traders to take positions and ensure perpetual contract prices match spot markets. It defines a mechanism by exchanges to ensure that future prices and index prices periodic payments regularly converge. When the funding rate is positive, the price of the perpetual contract is higher than the mark price. This means traders who are bullish and have opened long positions pay traders who are in short positions. On the other hand, a negative funding rate means perpetual prices are below the mark price, and hence traders with short positions pay traders who have opened long positions.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
