Ripple lawsuit settlement likely soon, says Brad Garlinghouse, XRP hovers around $0.60
- Ripple CEO Brad Garlinghouse commented on what to expect from the SEC lawsuit in a recent Bloomberg interview.
- Garlinghouse expects the lawsuit to end soon, when asked about a settlement, the Ripple CEO says a resolution is expected.
- XRP hovers around $0.60, sustains over 21% gains from the last seven days.
Ripple (XRP) trades around a key psychological level of $0.60, early on Monday. The altcoin recently made headlines for its highest weekly gain of 2024, over 40%. XRP sustained nearly 21% of the gains from the last seven days.
Securities & Exchange Commission (SEC) vs. Ripple lawsuit and Bitcoin price trend have been the key market movers for the altcoin in July. The correlation between Bitcoin and XRP is 0.67, considered as moderate.
Daily digest market movers: Ripple CEO comments on settlement talks in SEC lawsuit
- Ripple CEO Brad Garlinghouse recently appeared in a Bloomberg interview and shared his thoughts on SEC lawsuit and the process of litigation that the payment firm has spent over $150 million on.
- The executive hinted that the company’s long legal battle with the US financial regulator could settle during a private meeting with the SEC on July 25.
- Throughout the lawsuit, Garlinghouse said XRP is not a security and in her ruling, Judge Analisa Torres upheld the same. XRP is not a security in secondary-market sales or sales across exchange platforms.
- The Ripple CEO says they want “regulation and clarity.”
- Garlinghouse holds SEC Chair Gary Gensler responsible for making the situation worse than it was five years ago, when Ripple seeked clarity from the regulator.
- While the CEO cannot comment on the SEC vs. Ripple lawsuit settlement directly, he was quoted as saying, “we can expect a resolution soon.”
- XRP traders are awaiting the meeting and the end of the SEC lawsuit.
Technical analysis: XRP hovers around $0.60
Ripple is currently in an upward trend, forming higher highs and higher lows on the daily chart. XRP could extend its gains by nearly 15% and hit $0.70, a key level for the altcoin. Ripple faces resistance at $0.6666, the 78.6% Fibonacci resistance of the decline from the March 11 top of $0.7440 to the July 5 bottom of $0.3823.
The Moving Average Convergence Divergence (MACD) indicator suggests there is underlying positive momentum in Ripple’s uptrend.
XRP/USDT daily chart
Ripple could find support at $0.5632, the 50% Fibonacci retracement level of the decline. A daily candlestick close under $0.60 could invalidate the bullish thesis for the altcoin.
Crypto ETF FAQs
An Exchange-Traded Fund (ETF) is an investment vehicle or an index that tracks the price of an underlying asset. ETFs can not only track a single asset, but a group of assets and sectors. For example, a Bitcoin ETF tracks Bitcoin’s price. ETF is a tool used by investors to gain exposure to a certain asset.
Yes. The first Bitcoin futures ETF in the US was approved by the US Securities & Exchange Commission in October 2021. A total of seven Bitcoin futures ETFs have been approved, with more than 20 still waiting for the regulator’s permission. The SEC says that the cryptocurrency industry is new and subject to manipulation, which is why it has been delaying crypto-related futures ETFs for the last few years.
Bitcoin spot ETF has been approved outside the US, but the SEC is yet to approve one in the country. After BlackRock filed for a Bitcoin spot ETF on June 15, the interest surrounding crypto ETFs has been renewed. Grayscale – whose application for a Bitcoin spot ETF was initially rejected by the SEC – got a victory in court, forcing the US regulator to review its proposal again. The SEC’s loss in this lawsuit has fueled hopes that a Bitcoin spot ETF might be approved by the end of the year.
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.
