- XRP trades at $0.5169 on Monday, with prices little moved compared with the previous day.
- Former SEC enforcement lawyer Ladan Stewart criticized the agency and the Biden administration’s approach to crypto regulation.
- Stewart says that even though there are people interested in working with the regulator, they feel it is not possible.
Ripple (XRP) holds steady above $0.5100 on Monday. The native token of the XRP Ledger noted no significant price change for the day.
Former SEC lawyer Ladan Stewart shared her thoughts on crypto regulation, the agency’s approach and her experience being on both the industry and the regulator’s side, according to a tweet by Fox Business journalist Eleanor Terret on X
Daily Digest Market Movers: XRP stuck at $0.5136, former SEC lawyer comments on crypto regulation
- XRP has been range-bound this month, fluctuating between$0.6342 and $0.4860. At the time of writing, the altcoin is trading at $0.5136.
- The Securities and Exchange Commission’s (SEC) lawsuit against Ripple and the agency’s approach to crypto regulation are some factors that influence the altcoin’s price on Monday.
- Attorney Ladan Stewart, a former SEC lawyer with experience in the crypto industry, commented on the regulator’s approach to crypto.
- Stewart noted that there are people on the crypto industrywho “really want to find a way to work with regulators, and they feel like that's just not possible, given you know who is at the helm of the SEC or generally the Biden administration.” “I think it's just unfortunate, and it gets in the way of any effort toward reaching some regulatory clarity or anything that allows us to work toward building this industry,” added Stewart. Richard Levin, an attorney from Nelson Mullins, was asked what the most impactful change in America for crypto could be. He responded: “I would push the SEC to actually comply with the Administrative Procedure Act,” according to Fox Business journalist Eleanor Terrett.
- The lawyer’s stance on crypto regulation comes at an interesting time for Ripple when the SEC appealed the final ruling in the lawsuit and the payment remittance firm filed its cross-appeal. Find more details about the cross-appeal here.
Technical analysis: XRP could decline 7%
XRP has been in a downward trend since its March 11 high of $0.7440. The altcoin could sweep liquidity at $0.4780, which represents the lower boundary of a Fair Value Gap (FVG) and the July 12 high. The Moving Average Convergence Divergence (MACD) indicator flashes red histogram bars under the neutral line, signaling a negative underlying momentum in the XRP price trend.
XRP/USDT daily chart
If XRP sees a daily candlestick above resistance at $0.5666, it could invalidate the bearish thesis for the altcoin.
Cryptocurrency prices FAQs
Token launches influence demand and adoption among market participants. Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network. This is typically bullish for a digital asset.
A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods. The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins. Such events often involve an en masse panic triggering a sell-off in the affected assets.
Macroeconomic events like the US Federal Reserve’s decision on interest rates influence crypto assets mainly through the direct impact they have on the US Dollar. An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa. If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.
Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset. At consistent demand if the supply reduces, the asset’s price climbs.
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