Ripple CEO bashes SEC Chair Gensler, says “could've avoided scams by not wasting time suing Ripple”
- XRP price fell back down to trade at $0.651, adding to the four-day decline of 9%.
- Ripple CEO Brad Garlinghouse has consistently criticized the SEC for their unreasonable pursuit of Ripple.
- Garlinghouse also revealed that the lack of clarity from the government about its stance on crypto has left banks skeptical about adopting XRP.
XRP price is set to surprise the investors but not in a good way as the recent gains are under threat. However, unbothered by the market conditions, the CEO of Ripple, Brad Garlinghouse, has been on a spree of criticism targeted at the Chair of the Securities and Exchange Commission (SEC), Gary Gensler, as well as the government of the United States.
Daily Digest Market Movers: Ripple CEO bashes SEC Chair
- Ripple Chief Executive Officer (CEO) Brad Garlinghouse, in a series of comments, arraigned the regulatory body of the United States as well as its Chair Gary Gensler for their recent decisions. First speaking at a panel at DC Fintech Week, Garlinghouse stated,
"If The SEC & Gary Gensler Wasn't Wasting Time Suing Ripple & Meeting With Sam Bankman-Fried Maybe We Could've Avoided Some Of The Fraud That Occurred In The Crypto Space.
- This was followed by the Ripple CEO having a dig at the SEC following reports it had opened talks with Grayscale over their bid for converting the Grayscale Bitcoin Trust (GBTC) into a spot BTC ETF. Garlinghouse criticized the fact that this took so long to happen and called Gary Gensler's SEC a “political liability”, stating that this is evident when the same situation is compared with other countries that "engage proactively and constructively" with the crypto industry.
- In another interview, Garlinghouse also held the government of the United States accountable for the lack of clarity of their stance on crypto in general. He noted that this uncertainty has resulted in the banks remaining skeptical when it comes to adopting XRP despite their recent partial win against the SEC.
- Garlinghouse added:
"They're like, 'Look, even though you won the case, the United States government is still hostile towards crypto. The OCC is hostile towards crypto.' And until that changes, the banks in the United States are not going to engage meaningfully.
- Ripple has been witnessing positive feedback over the past couple of days with the SEC and the payment processor submitting a proposed schedule regarding remedies to Judge Torres, asking for 90 days from the entry of scheduling.
#XRPCommunity #SECGov v. #Ripple #XRP The parties have submitted to Judge Torres a proposed schedule regarding remedies discovery and briefing. pic.twitter.com/7OyVTnTeyc
— James K. Filan (@FilanLaw) November 9, 2023
Technical Analysis: XRP price nearing a downturn
XRP price at the time of writing fell to trade at $0.653, declining by 9% in the last couple of days. This decline brought the altcoin to test the support level, which was marked at $0.644, hinting at a potential bearish momentum in the coming days.
The Moving Average Convergence Divergence (MACD) indicator is suggesting the same as the receding green bars on the histogram, indicate waning bullishness. If these bars flip below the zero line and turn red, it could be a sign bearish momentum is building up. A bearish crossover of the signal line and MACD line would confirm the same.
This would threaten the recent 30% gains noted by the altcoins since the beginning of the month. And despite the 9% fall in the last few days, the weekly outlook of XRP still remains positive, thanks to the rally from the previous days. But a fall below $0.644 would send XRP to $0.600, which would bring it down to $0.551.
XRP/USD 1-day chart
If the XRP price bounces off the $0.644 support line, however, it will indicate a downtrend has been avoided. Furthermore, reclaiming the support of $0.693 would invalidate the bearish thesis, providing support for further gains.
Cryptocurrency prices FAQs
How do new token launches or listings affect cryptocurrency prices?
Token launches like Arbitrum’s ARB airdrop and Optimism OP influence demand and adoption among market participants. Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network. This is typically bullish for a digital asset.
How do hacks affect cryptocurrency prices?
A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods. The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins. Such events often involve an en masse panic triggering a sell-off in the affected assets.
How do macroeconomic releases and events affect cryptocurrency prices?
Macroeconomic events like the US Federal Reserve’s decision on interest rates influence risk assets like Bitcoin, mainly through the direct impact they have on the US Dollar. An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa. If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.
How do major crypto upgrades like halvings, hard forks affect cryptocurrency prices?
Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset. At consistent demand if the supply reduces, the asset’s price climbs. This has been observed in Bitcoin and Litecoin.
Author
Aaryamann Shrivastava
FXStreet
Aaryamann Shrivastava is a Cryptocurrency journalist and market analyst with over 1,000 articles under his name. Graduated with an Honours in Journalism, he has been part of the crypto industry for more than a year now.
