XRP slips to $0.58 as Ripple CLO makes note of SEC loss and regulatory gaps in crypto
- XRP erases 1.16% value on Friday, slips to $0.5800.
- Ripple Chief Legal Officer Stuart Alderoty acknowledges SEC loss in lawsuit, points out regulatory gaps in crypto.
- Alderoty has slammed SEC Chair Gary Gensler’s stance on crypto regulation on several occasions.
Ripple (XRP) trades at $0.5800 early on Friday. Ripple Chief Legal Officer (CLO) Stuart Alderoty traded barbs on the recent lawsuit and Securities & Exchange Commission (SEC) Chair Gary Gensler’s role in crypto regulation.
Daily digest market movers: Ripple CLO shares comments on SEC loss in lawsuit, crypto regulation
- In a recent tweet on X, Ripple CLO Stuart Alderoty criticizes the pro-SEC stance of Professor Lee Reiners in his testimony before the Congress.
- Alderoty appreciates that Reiners acknowledged SEC’s loss in the Ripple case and noted that there is a regulatory gap in the spot trading market for cryptocurrencies.
- Ripple CLO says this gap can only be closed by Congress and that securities laws cannot rely on a decentralization threshold.
- The executive comments on the application of Hinman’s test to identify whether a contract/asset is a security.
- Alderoty has criticized SEC Chair Gary Gensler on several occasions. He notes that “SEC Chairs come and go,” pointing out that Gensler’s approach to crypto and its impact on regulation may be temporary and could change with a change in leadership at the agency.
Prof. @leereiners testified before Congress recently, and while there’s much to critique, even this pro-SEC/anti-crypto witness acknowledged the SEC's loss in the Ripple case, as well as:
— Stuart Alderoty (@s_alderoty) September 20, 2024
1. A regulatory gap in the crypto spot market that only Congress can close.
2. Securities…
Technical analysis: XRP eyes 7% gains
XRP hovers around $0.5800 at the time of writing. The altcoin could extend gains by 7.35% and rally to the upper boundary of the Fair Value Gap (FVG) in the XRP/USDT daily chart at $0.6217.
XRP/USDT daily chart
The altcoin could find support in the Fair Value Gap between $0.5188 and $0.5785 if the bullish thesis is invalidated and XRP corrects. The September 16 low of $0.5598 could act as key support for the native token of the XRP Ledger.
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.
