- XRP price remained largely unaffected by updates in the SEC’s battle with payment giant Ripple.
- In a recent interview with Bloomberg, Ripple CEO Brad Garlinghouse remained unfazed by the SEC’s progress in its lawsuit against the payment giant.
- Analysts predict recovery in XRP price, as the altcoin continues its recovery.
XRP price is currently 13.7% lower compared to last week. However, proponents argue Ripple is unfazed by the SEC’s lawsuit. The altcoin is on track to begin its recovery.
Ripple CEO unfazed by the SEC’s position in the lawsuit
Brad Garlinghouse, the CEO of Ripple, recently told Bloomberg in an interview that the payment giant can continue doing business as usual. Garlinghouse believes that the US is the only country that classifies XRP as a security.
XRP was hit by the SEC’s lawsuit when the altcoin suffered a slew of delistings from cryptocurrency platforms and exchanges. Despite the lawsuit and the aftermath, XRP price recovered and resumed its uptrend.
Proponents argue that the recent updates in the SEC vs. Ripple case do not influence XRP’s price negatively. Therefore, XRP price could continue its recovery irrespective of the outcome of the SEC vs. Ripple case.
The regulator has pocketed small wins along the way in its lawsuit against XRP, and the altcoin is currently in a phase of consolidation. However, the rising commercial utility and Ripple’s latest rebrand initiative could drive demand for the altcoin higher.
Irrespective of Ripple’s win, loss or settlement in the SEC’s case against it, XRP price could recover from its pullback and wipe out losses of investors.
Analysts at @IncomeSharks have identified a short setup in XRP’s current price trend. Before starting a climb, XRP could find support lower than the downside target of $0.61 unless buyers line up on exchanges to fuel the altcoin’s recovery.
$XRP - Perfect short setup almost hitting the bottom target. Closed the trade for a nice 4h short. https://t.co/9Dlm6h3Yxb pic.twitter.com/UsEHOk2v0Q
— IncomeSharks (@IncomeSharks) April 29, 2022
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: What’s next after cryptos meet stiff resistance
Bitcoin price has shown incredible resilience after its massive crash in the second week of June. Since then BTC has produced considerable gains over the past week and the start of a new week brings the promise of even higher returns.
All you need to know about Cardano’s Vasil hard fork and how ADA price will react
Cardano price seems to be preparing for massive gains as Vasil hard fork takes one step closer to becoming a reality. In a recent Twitter thread, IOHK, the developers behind Cardano announced the launch of Cardano node 1.35.0 on June 25.
Traders must watch out for this bull trap SafeMoon price is forming
SafeMoon (SFM) price looks promising today for a pop higher and a test of the technical moving average at around $0.000600000. With the current soft patch in global markets, tail risks are still very much present and could flare up at any moment.
SEC vs. Ripple: Brad Garlinghouse announces expansion out of the US if outcome is unfavorable
Brad Garlinghouse, CEO of Ripple, has affirmed a move outside the US if the payment giant loses the SEC vs. Ripple lawsuit. Ripple has been embroiled in a legal battle, defending its sale of XRP and the altcoin's position as a non-security since December 2020.
Bitcoin: Everything you need to know about BTC 200-week MA
Bitcoin price has gone through turbulent times over the last few months. From reaching a new all-time high to hitting yearly lows and revisiting levels since 2020, the crypto markets have been extremely volatile.