As a seasoned crypto investor with more than a decade of experience navigating the volatile and ever-evolving digital asset landscape, I find myself intrigued by the current state of XRP. The token’s impressive 4% surge within the past 24 hours, reaching a four-month high, is certainly hard to ignore. However, it’s important to keep a keen eye on the unfolding drama between Ripple and the SEC, which seems to be playing out like a modern-day soap opera.
In the past day, the price of XRP has surged by more than 4%, continuing its upward trajectory seen over the last month. This surge pushed the token to a four-month high of $0.6377 around Tuesday morning, outperforming most other top 10 cryptocurrencies in the market.
Despite a notable increase in its worth, Ripple‘s top executives like CEO Brad Garlinghouse and the Chief Legal Officer Stuart Alderoty have been vocal critics of the SEC’s management. This criticism comes at a time when the value of Ripple is on the rise.
Ripple’s Response To Amendments In Binance Lawsuit
According to Bitcoinist‘s report on Tuesday, the SEC made changes in its lawsuit against Binance, the largest global exchange. The adjustment involves redefining the nature of ten digital currencies, including Solana (SOL), Cardano (ADA), Polygon (MATIC), and Cosmos (ATOM), which were previously categorized as “securities.”
In response to the recent development, Brad Garlinghouse, CEO of Ripple, highlighted what he perceives as inconsistencies or “hypocrisy” in the Securities and Exchange Commission’s (SEC) handling of cryptocurrency tokens and regulation over the past year, under the leadership of Chair Gary Gensler.
Garlinghouse voiced concerns about the SEC, stating that their application of rules seems inconsistent and unclear, which he hinted might be driven by political motives or suspicious legal strategies, and he emphasized that this is not a display of loyalty to the law.
Stuart Alderoty, Ripple’s Chief Legal Officer, added his thoughts to the situation, noting potential discrepancies between the lawsuits filed against Binance and the U.S.-based cryptocurrency exchange Coinbase, which were both launched in the final quarter of 2023.
Alderoty pointed out that the SEC’s approach towards legal challenges in the Binance case contrasted significantly with its stance during the Coinbase lawsuit. This was notably seen in their view on how to classify tokens, where a dozen cryptocurrencies (many of which were also part of the Binance case) were classified as securities.
Analyst Forecasts Bullish Breakout For XRP Price
Even though XRP wasn’t specifically mentioned in the latest SEC ruling, its value has been on an upward trajectory, increasing by approximately 33% over the past month. This persistent growth, driven by optimistic investors, could potentially propel it towards the $1 mark.
Financial analyst Ali Martinez observes that the value of XRP has been steadily confined by a symmetrical triangle formation for about six years. If XRP manages to exceed the $0.90 price point, according to Martinez, we might witness an optimistic surge in its price, given the ongoing market recovery following a sharp decline that brought the token down to a 17-month low of $0.3825 on July 5.
Despite the upcoming event on August 1, where Ripple Labs plans to release a billion XRP from their escrow, there’s a possibility that the increased supply may exceed demand. If the market’s interest doesn’t grow correspondingly, this could result in a decrease in the XRP price afterwards.
Keep an eye on the $0.5353 point, since that’s where the token’s 200-day exponential moving average (EMA) is located at the moment. If there’s a continued drop after Ripple’s token launch, this level might serve as significant support.
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2024-07-31 07:35