- US Congressman Brad Sherman believes Ripple doesn't stand a chance against the regulator in the ongoing legal battle.
- Rep. Sherman believes XRP is a security for the reasons set forth in SEC's case against payment giant Ripple.
- As investors remain cautious of the court ruling and Fed policy, analysts predict a fall in XRP price to support at $0.36.
US Congressman Brad Sherman commented on the SEC v. Ripple case. Rep. Sherman believes Ripple will likely lose its legal battle as the native cryptocurrency XRP is a security.
Also read: Ripple battles the SEC with massive cross-border payment growth
SEC v. Ripple update
In an interview, Congressman Brad Sherman, told FOX Enterprise that he believes the US Securities and Exchange (SEC) will prevail in its authorized struggle against Ripple, in a case which centers around whether XRP should be treated as a security or not. Sherman believes XRP is a security; and that therefore, the payment giant doesn't stand a chance against the regulator.
In its lawsuit against Ripple, the SEC alleges that XRP is an unregistered security. The SEC accuses the corporation and two Ripple executives, Brad Garlinghouse and Chris Larsen, of raising $1.3 billion through the sale of XRP.
Sherman is popular on crypto Twitter as the Congressional representative who pushed for a complete ban on cryptocurrencies. Eleanor Terrett, Journalist and Producer at FOX Business, tweeted:
When I asked Rep. Sherman why he thinks $XRP is a security, he told me "for the reasons set forth in the SEC's position" and went on to explain that XRP investors relied on Ripple's efforts to bump up the price. He then said the proof that he's right stems from the crypto exchanges.
When I asked Rep. Sherman why he thinks $XRP is a security he told me "for the reasons set forth in the SEC's position" and went on to explain that XRP investors relied on @Ripple efforts to bump up the price. He then said the proof that he's right stems from the crypto exchanges https://t.co/D1fuwsIlZZ
— Eleanor Terrett (@EleanorTerrett) July 20, 2022
Investors remain cautious ahead of court ruling
Analysts have a bearish outlook on XRP price and investors are cautious of the court ruling and Fed policy. Grizzly, a leading crypto analyst, noted that bears are defending the move to $0.39. The XRP/USDT pair is currently beneath a resistance zone, with the bias as a consequence lower.
XRP-USDT price chart
Analysts at FXStreet believe XRP price will likely undo its gains as the market structure weakens. For key levels and targets in XRP price, check the video below:
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.
Recommended Content
Editors’ Picks
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC & ETH rebound, XRP rallies ahead of CPI data
Bitcoin and Ethereum prices continue to recover on Wednesday after finding support around their key levels this week. On the other hand, Ripple remains strong and found support around its upper symmetrical triangle boundary.
Ripple donates $100,000 to California wildfire relief efforts; XRP investors anticipate SEC's opening brief
Ripple is up 5% on Tuesday following recent positive developments surrounding its ecosystem and JP Morgan's prediction of over $8 billion in inflows into XRP ETF if it gains approval from the Securities and Exchange Commission.
Bitcoin could lose its diversification status as correlation with stocks increases
Bitcoin's rising correlation with the traditional stock market is gradually affecting its role as a portfolio diversifier. This trend has been visible following Bitcoin's similar reactions to the S&P 500 upon macroeconomic data releases.
Crypto Today: BTC taps $97K, DOGE and XRP in green as SEC sues Musk ahead of Trump Inauguration
The cryptocurrency sector rose by 2.4% on January 14, with the aggregate market capitalization crossing $3.3 trillion. Bitcoin price reclaimed the $97,000 resistance level, with technicals signaling upside ahead.
Bitcoin: Room for a recovery or continuation of the pullback?
Bitcoin’s price slightly recovers and trades around $94,700 on Friday after declining nearly 6% earlier this week. US Bitcoin spot Exchange Traded Funds data shows signs of mild recovery, with a total net inflow of $462.2 million until Thursday.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.