|

Ripple executive slams SEC for its forever crypto ground war, XRP price eyes recovery

  • Ripple’s Chief Legal Officer Stuart Alderoty shared his views on the merits of the Terraform case ruling.
  • Judge Rakoff sided with the US Securities and Exchange Commission in the lawsuit against Terraform Labs. 
  • XRP price eyes recovery to $0.70 as BTC sustains above $42,000. 

Ripple’s Chief Legal Officer, Stuart Alderoty, highlighted that the Judge presiding over the Terraform case did not criticize or even cite Judge Torres’ Ripple ruling. Alderoty called out the SEC for its “forever” crypto ground war.

XRP price traded sideways below $0.65.

Also read: XRP Price Annual Forecast: Upbeat outlook for 2024 hinges on SEC lawsuit ruling, potential Ripple IPO

Ripple CLO comments on Terraform ruling

On December 28, a US Federal Judge ruled that Do Kwon and Terraform Labs have violated US law by failing to register two digital currencies, LUNA and UST. These two assets imploded in 2022.

Judge Jed Rakoff sided with the Securities and Exchange Commission (SEC) in its ruling and noted that cryptocurrency assets of Terraform Labs were unregistered securities because they qualified as “investment contracts.”

Ripple’s CLO, Alderoty claimed that he had no firm view on the merits of the case and shared facts of the ruling in a recent tweet. The executive noted that Judge Jed Rakoff did not criticize or even cite Judge Torres’ Ripple ruling. Alderoty observed that the SEC’s “forever” crypto ground war is on and the US financial regulator is fighting token by token, in a lengthy litigation process.

Alderoty condemns the SEC’s fight against cryptocurrency firms and tokens.

XRP price eyes recovery

At the time of writing, XRP price is $0.6200. The altcoin sustained above the psychological barrier at $0.60. The altcoin sustained the uptrend that started in October 2023, XRP price is likely to make a comeback to its November local peak of $0.7499.

XRP price is above its 200-day Exponential Moving Average (EMA) at $0.5693. XRP price is largely unchanged in the past week. 

XRP/USDT 1-day chart

XRP/USDT 1-day chart

Author

Ekta Mourya

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.

More from Ekta Mourya
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Ripple faces persistent bear risks, shrugging off ETF inflows

Ripple is extending its decline for the second consecutive day, trading at $2.06 at the time of writing on Friday. Sentiment surrounding the cross-border remittance token continues to lag despite steady inflows into XRP spot ETFs. 

Luna Classic soars 20% as Do Kwon's sentence hearing looms

Luna Classic surges 20% on Friday, extending its recovery for the fourth consecutive day. Roughly 959 million tokens have been burned in December so far, fueling LUNC's recovery.

Crypto Today: Bitcoin, Ethereum, XRP pare gains despite increasing hopes of upcoming Fed rate cut

Bitcoin (BTC) is steadying above $91,000 at the time of writing on Friday. Resistance at $94,150 capped recovery on Wednesday, but in the meantime, bulls have contained downside risks above $90,000. 

Ethereum strengthens against BTC post-Fusaka, targeting $3,200 breakout

Ethereum trades above $3,100 on Friday, with bulls aiming for a breakout above a two-month-old resistance trendline. Ethereum gains strength against Bitcoin as demand for the major altcoin increases after the Fusaka upgrade.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Crypto Today: Bitcoin, Ethereum, XRP pare gains despite increasing hopes of upcoming Fed rate cut

Bitcoin (BTC) is steadying above $91,000 at the time of writing on Friday. Resistance at $94,150 capped recovery on Wednesday, but in the meantime, bulls have contained downside risks above $90,000.