Ripple CEO bashes SEC Chair Gensler, says “could've avoided scams by not wasting time suing Ripple”

• XRP price fell back down to trade at $0.651, adding to the four-day decline of 9%.
• Ripple CEO Brad Garlinghouse has consistently criticized the SEC for their unreasonable pursuit of Ripple.
• Garlinghouse also revealed that the lack of clarity from the government about its stance on crypto has left banks skeptical about adopting XRP.

XRP price is set to surprise the investors but not in a good way as the recent gains are under threat. However, unbothered by the market conditions, the CEO of Ripple, Brad Garlinghouse, has been on a spree of criticism targeted at the Chair of the Securities and Exchange Commission (SEC), Gary Gensler, as well as the government of the United States.

Daily Digest Market Movers: Ripple CEO bashes SEC Chair

• Ripple Chief Executive Officer (CEO) Brad Garlinghouse, in a series of comments, arraigned the regulatory body of the United States as well as its Chair Gary Gensler for their recent decisions. First speaking at a panel at DC Fintech Week, Garlinghouse stated,

"If The SEC & Gary Gensler Wasn't Wasting Time Suing Ripple & Meeting With Sam Bankman-Fried Maybe We Could've Avoided Some Of The Fraud That Occurred In The Crypto Space.

• This was followed by the Ripple CEO having a dig at the SEC following reports it had opened talks with Grayscale over their bid for converting the Grayscale Bitcoin Trust (GBTC) into a spot BTC ETF. Garlinghouse criticized the fact that this took so long to happen and called Gary Gensler's SEC a “political liability”, stating that this is evident when the same situation is compared with other countries that "engage proactively and constructively" with the crypto industry.
   
• In another interview, Garlinghouse also held the government of the United States accountable for the lack of clarity of their stance on crypto in general. He noted that this uncertainty has resulted in the banks remaining skeptical when it comes to adopting XRP despite their recent partial win against the SEC. 
   
• Garlinghouse added:

"They're like, 'Look, even though you won the case, the United States government is still hostile towards crypto. The OCC is hostile towards crypto.' And until that changes, the banks in the United States are not going to engage meaningfully.

• Ripple has been witnessing positive feedback over the past couple of days with the SEC and the payment processor submitting a proposed schedule regarding remedies to Judge Torres, asking for 90 days from the entry of scheduling.

Technical Analysis: XRP price nearing a downturn

XRP price at the time of writing fell to trade at $0.653, declining by 9% in the last couple of days. This decline brought the altcoin to test the support level, which was marked at $0.644, hinting at a potential bearish momentum in the coming days. 

The Moving Average Convergence Divergence (MACD) indicator is suggesting the same as the receding green bars on the histogram, indicate waning bullishness. If these bars flip below the zero line and turn red, it could be a sign bearish momentum is building up. A bearish crossover of the signal line and MACD line would confirm the same.

This would threaten the recent 30% gains noted by the altcoins since the beginning of the month. And despite the 9% fall in the last few days, the weekly outlook of XRP still remains positive, thanks to the rally from the previous days. But a fall below $0.644 would send XRP to $0.600, which would bring it down to $0.551.

XRP/USD 1-day chart

If the XRP price bounces off the $0.644 support line, however, it will indicate a downtrend has been avoided. Furthermore, reclaiming the support of $0.693 would invalidate the bearish thesis, providing support for further gains.