XRP News: Brad Garlinghouse on SEC’s Ripple Lawsuit and US Digital Future

Key Insights:

• XRP saw a rise of 0.69%, consolidating after a 1.27% gain, ending Wednesday at $0.4834.
• Ripple’s CEO addressed frustrations and the $100M+ defense against the SEC’s long-winded lawsuit.
• Ripple and Coinbase lawsuits underscore the crypto world’s cry for clear regulatory guidelines.

Wednesday’s Overview of XRP

On Wednesday, XRP rose by 0.69%. Following a 1.27% gain on Tuesday, XRP ended the day at $0.4834.

Ripple CEO Brad Garlinghouse Shares His Views on the SEC Appeal Motion

There was no SEC v Ripple Court activity to influence investor sentiment. However, Ripple CEO Brad Garlinghouse appeared on Bloomberg and had this to say,

“Well on one hand it’s frustrating. You have a government that has unlimited resources to keep fighting a fight they’ve already lost but there’s no recourse and so, for Ripple we’ve spent over $100 million defending this case. We are very optimistic. The Judge has already said very clearly XRP is not a security. What they have asked permission from the Courts to appeal isn’t actually whether XRP is a security, that is still clear.”

Discussing Ripple and the US digital asset landscape, Garlinghouse said,

“I think eventually Congress will be called to act.”

Garlinghouse referenced the US elections, the Grayscale case and recent Court language used to describe the SEC.

However, uncertainty about whether Judge Torres will grant the SEC motion for interlocutory appeal lingers. Investors will likely take comfort in the SEC not contesting the XRP classification. However, the issue of XRP sales as a security, in certain situations, remains in question.

For the XRP Community and the broader crypto market, the SEC v Coinbase (COIN) case also remains the focal point.

Investors patiently await Judge Failla’s ruling on the Coinbase motion to dismiss (MTD). A successful motion to dismiss will likely increase US lawmaker scrutiny of the SEC.

Sequential losses in Court may not bode well for SEC Chair Gary Gensler and the regulation-by-enforcement mantra that plagues the US crypto market.

Significantly the Ripple and Coinbase cases highlight the lack of clear regulatory guidelines and the appropriate classification of cryptos as securities or commodities.

XRP Price Action

Daily Chart

XRP stayed below the 50-day and 200-day EMAs, affirming bearish price signals. Favorable Court rulings from the Coinbase and Ripple cases would support a breakout session. An XRP break above the $0.5042 resistance level would give the bulls a run at the 200-day EMA and the trend line.

Selling pressure will likely build at $0.5210, with the 200-day EMA confluent with the trend line.

A lack of case-related updates would leave the broader market to influence buyer appetite. An XRP fall through $0.45 would give the bears a run at the $0.4322 support level.

The 32.66 14-Daily RSI reading indicates XRP has modest room to decline before reentering oversold territory.

4-Hourly Chart

XRP remains below the 50-day and 200-day EMA, reaffirming the bearish price signals. An XRP break above the 50-day EMA would give XRP a run at the $0.5042 resistance level.

However, failure to break above the 50-day EMA would leave $0.45 and the $0.4322 support level in play.

The 14-4H RSI 46.96 reading indicates XRP has room to slide before entering oversold territory.