XRP News Today: Ripple CEO’s Defiant Stance as XRP Ends Six-Week Losing Streak

In an impressive shift in sentiment, XRP ended its six-week losing streak. On Sunday, July 14, XRP declined by 1.05%. Following a 10.92% surge on Saturday, July 13, XRP ended the week up 24.09% to $0.5208.

Ripple CEO Brad Garlinghouse Reflects on the SEC vs. Ripple Case

Ripple CEO Brad Garlinghouse commented on the first anniversary of the Programmatic Sales of XRP ruling, stating:

“We had the conviction to fight the bully that has harassed and executed an unlawful war on our industry. As I said when it started, I knew we were on the right side of the law and that we would be on the right side of history.”

Garlinghouse added,

“In the year since, Gensler’s SEC has ramped up its war on crypto, with the false belief that they could smother this technology and industry… with failed lawsuits, false rhetoric, slander and intimidation. They were wrong then. And they are wrong now.”

Impact of SEC vs. Crypto Court Rulings

Garlinghouse referred to failed lawsuits that included pivotal court rulings in favor of cryptos. These included the Grayscale win on appeal that paved the way to the US BTC-spot ETF market and the Binance ruling.

The Binance ruling was significant as Judge Amy Berman Jackson referred to the Programmatic Sales of XRP ruling, surmising,

“The court is inclined to agree with the approach of the court in Ripple Labs, since the ‘it-is-what-it-is’ approach of the SEC appears to be inconsistent with the clear Supreme Court directives […].”

Other court rulings, including the SEC v Coinbase case, could further tilt the scales in favor of the crypto industry.

Pending SEC vs Crypto Court Rulings

In April 2024, Coinbase (COIN) filed a Motion for Interlocutory Appeal to appeal against the Motion to Dismiss (MTD) ruling.

In August 2023, Coinbase filed a Motion to Dismiss, arguing the SEC lacked the statutory authority to regulate US crypto exchanges. Judge Katherine Failla denied, in large part, the Motion to Dismiss, stating,

“The court concludes that because the well-placed allegations of the Complaint plausibly support the SEC’s claim that Coinbase operated as an unregistered intermediary of securities, Defendants’ motion must be denied in large part.”

If Judge Failla grants the Motion for Interlocutory Appeal, the SEC could face another significant loss in the US courts. It could be another landmark court ruling. A Coinbase win on appeal would mean the courts agree that the SEC has no statutory rights to regulate US crypto exchanges.

A crypto-friendly ruling would boost buyer demand for XRP.

Investors should remain alert, with a court verdict from the SEC v Ripple case also on the horizon. The court verdict will outline the penalty Ripple must pay for violating US securities laws by selling unregistered XRP to institutional investors.

Stay updated with our latest news and analysis to manage exposures to XRP and the broader crypto market.

XRP Price Action

Daily Chart

XRP hovered below the 200-day EMA while remaining above the 50-day EMA. The EMAs affirmed the bullish near-term but bearish longer-term price signals.

A break above the 200-day EMA may signal a move to the $0.5739 resistance level. A breakout from the $0.5739 resistance level could give the bulls a run at the $0.60 handle.

SEC vs. crypto case-related news requires consideration.

Conversely, a drop below the $0.50 handle could signal a fall to the 50-day EMA and the trend lines.

With a 14-day RSI reading of 64.08, XRP may move above the $0.5739 resistance level before entering overbought territory.