XRP eyes recovery, pro-Ripple attorney John Deaton slams SEC for $15 billion in losses among small investors
- XRP holds steady above support at $0.5800 on Tuesday, gears up for a recovery above $0.6000.
- Pro-Ripple Attorney John Deaton strongly criticized the SEC in recent interview.
- XRP gains slightly on the day, the altcoin trades at $0.5860.
Ripple (XRP) holds steady above $0.5800, an important support level for the asset on Tuesday. The altcoin gears up for recovery likely in response to positive developments in the project. XRP trades at $0.5860 at the time of writing.
Daily digest market movers: Pro-Ripple attorney slams US financial regulator for small investors’ losses
- Attorney John Deaton was amici curiae, meaning friend of the court in the SEC vs. Ripple lawsuit, making his statements key to XRP holders and the community of traders.
- Deaton said in a YouTube interview with the Good Morning Crypto podcast that the US Securities & Exchange Commission (SEC)’s handling of cryptocurrency regulation in the Ripple lawsuit led to nearly $15 billion in losses for small crypto investors.
- Ripple’s Chief Legal Officer (CLO) Stuart Alderoty recently announced the end of the SEC lawsuit. The regulator recently apologized for the confusion caused by the use of the term “crypto asset securities.”
- The term was used in the SEC lawsuit against Ripple, and Coinbase as well, and Alderoty believes that it misled judges into considering cryptocurrencies as securities, while the term has “no legal basis.”
Technical analysis: XRP could rally to $0.6602, break past $0.6000 resistance
XRP has been in a downward trend since its July 2023 top of $0.9380, over 12 months ago. The asset hit its 2024 low of $0.3823 on July 5, since then XRP recovered, back above $0.5800.
XRP looks primed to make a comeback to $0.6602, the 50% Fibonacci retracement level of the decline from the July 2023 top of $0.9380 to the July 2024 low of $0.3823. XRP could rally 12.5% to hit its target.
XRP/USDT daily chart
The altcoin could find support in the Fair Value Gap (FVG) between $0.5413 and $0.5556 if there is a correction in XRP price.
Ripple FAQs
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.
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.
