XRP price: What to expect from CFTC Commissioners meeting with Brad Garlinghouse


Share:
  • US CFTC commissioner Caroline Pham met Brad Garlinghouse ahead of a court decision that could affect how regulators handle XRP. 
  • Pham listed her visit to Ripple as part of her "learning tour" in crypto and blockchain. 
  • Analysts predict a 50% rally in Ripple as XRP holders witness double-digit gains overnight. 

The meeting between US Commodity Futures Trading Commission's Carolin Pham and Ripple CEO Brad Garlinghouse has massively influenced the sentiment among XRP holders. XRP price rallied 10% overnight as XRP holders anticipated a favorable outcome in the SEC v. Ripple case. 

Also read: $565,000 GMX exploit deep dive: How a savvy trader took advantage of a broker's loophole

CFTC commissioner Caroline Pham meets Ripple executives

While the US Securities Exchange Commission is embroiled in a legal battle with payment giant Ripple, XRP holders are awaiting an outcome of the lawsuit. Caroline Pham, one of the five commissioners at the United States Commodity Futures Trading Commission (CFTC), met Brad Garlinghouse, Ripple CEO. 

Pham tweeted about her visit and said it was a part of a "learning tour" involving crypto and blockchain. Garlinghouse announced the visit was a part of a "public-private engagement," wherein payment giant Ripple engaged with US regulators. 

Crypto proponents have repeatedly argued that CFTC is the regulatory authority for law enforcement in digital assets and cryptocurrencies. Despite the SEC's regulation by enforcement, CFTC is the body that sets frameworks to regulate digital assets. 

CFTC and SEC

CFTC and SEC

Pham's visit and her interaction with Brad Garlinghouse is, therefore, key to XRP holders' sentiment and the stand of crypto regulation and law enforcement on payment giant Ripple. 

The timing of Pham's visit is key since it comes soon after the SEC and Ripple filed motions for summary judgment in the SEC v. Ripple case. The case has been ongoing since December 2020, and the regulator has accused Ripple and executives of violating securities laws through the sale of XRP tokens. 

The outcome of the SEC v. Ripple is expected to have a massive influence on XRP's price since the payment giant is one of the largest public holders of the altcoin. Garlinghouse told the crypto community on Saturday that the SEC is not interested "in applying the law," instead the regulator sought to "expand jurisdiction beyond the authority granted to them by the Congress."

Analysts predict a 50% rally in XRP price

XRP price wiped out its losses and started an uptrend. The altcoin has posted 10% gains overnight, and analysts have identified bullish signals in the XRP price chart. Akash Girimath, a technical analyst at FXStreet, argues that a decisive flip of $0.381 will kick-start a 15% rally in XRP price. Girimath has set a target of $0.439 for XRP price after the altcoin breaks past the $0.381 hurdle. 

The analyst presented a big-picture outlook and said the XRP price has hovered inside an ascending triangle setup; the altcoin has produced higher lows and equal highs since June 10. The analyst's bullish outlook on XRP noted a triple tap setup formation. Based on this bottom reversal setup, a flip of the $0.331 to $0.464 range's midpoint at $0.397 will trigger the next leg-up in XRP. The next set of bullish targets is the resistance box between $0.561 to $0.596 if the XRP price trend maintains its momentum. 

XRP Perpetual Futures

XRP Perpetual Futures 


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.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

PEPE price inches closer to 2024 peak with top crypto exchanges teasing PEPE memes on X

PEPE price inches closer to 2024 peak with top crypto exchanges teasing PEPE memes on X

PEPE’s social dominance and relevance have been increasing since February 20. This week, top cryptocurrency exchanges have shared PEPE and related memes in tweets on their official X handle. 

More PEPE News

SEI, Omni Foundation propose standard to unify Ethereum NFTs

SEI, Omni Foundation propose standard to unify Ethereum NFTs

SEI and Omni Foundation could help NFTs across the Ethereum ecosystem transition to scaling solutions and rollups. The two have proposed a new token standard, xERC-721, with a “code minimized” upgrade to the current standard. 

More Cryptocurrencies News

Bitcoin Weekly Forecast: BTC likely to correct to $50,000 soon

Bitcoin Weekly Forecast: BTC likely to correct to $50,000 soon

Bitcoin price has formed a potential top signal that forecasts a sell-off. The weekly chart also points to a bearish divergence, which adds credence to the bearish outlook. Investors can expect BTC to consolidate between the $52,062 to $45,160 levels.

More Bitcoin News

XRP price plunges as Kraken cites SEC v. Ripple lawsuit in its legal battle against the regulator

XRP price plunges as Kraken cites SEC v. Ripple lawsuit in its legal battle against the regulator

XRP price inches closer to support at $0.52 after the recent developments related to the SEC’s lawsuit against Ripple. Kraken cited a key part of the SEC’s lawsuit against Ripple that could impact the outcome of its own legal battle against the regulator. 

More Ripple News

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin price has formed a potential top signal that forecasts a sell-off. The weekly chart also points to a bearish divergence, which adds credence to the bearish outlook. Investors can expect BTC to consolidate between the $52,062 to $45,160 levels.

Read full analysis

BTC

ETH

XRP