|

XRP price recovery likely as Ripple executives call out SEC and Chair Gary Gensler for their stance on crypto

  • XRP price outlook is bullish as the asset tests the supply zone at $0.5174. 
  • Pro-XRP attorney John Deaton shared his views on the likelihood of a settlement by the SEC in its lawsuit against Ripple. 
  • Ripple CEO Brad Garlinghouse critiques the SEC and Chair Gary Gensler for their stance on the crypto ecosystem.

XRP price's long-term outlook is now bullish, as the altcoin sustains above critical support at $0.50. Several bullish developments have likely catalyzed the altcoin’s recovery. The possibility of a settlement in the Securities & Exchange Commission (SEC) vs. Ripple lawsuit and Ripple CEO Brad Garlinghouse’s statements in Mainnet 2023 set the stage for recovery.

Also read: Robert Kiyosaki warns of stock crash, says Bitcoin is a bargain today

XRP price recovery likely to continue with settlement in SEC vs. Ripple case

In a recent X.com space, pro-XRP attorney John Deaton shed light on the likelihood of a settlement in the SEC vs. Ripple lawsuit. The lawyer explained how the SEC could consider settling with Ripple if the outcome did not influence its litigation against other cryptocurrencies and firms. In the case of Ripple, the status of XRP as a security or non-security has a direct impact on the regulator’s lawsuit against Coinbase.

The SEC is, therefore, less likely to settle the case with Ripple and rather pursue the interlocutory appeal in an attempt to overturn Judge Analisa Torres’ ruling, according to Deaton. 

Ripple executives call out SEC and Chair Gary Gensler for approach on crypto

CEO Brad Garlinghouse has expressed his discontent with the US financial regulator in interviews and appearances, like the one on September 20 at the Mainnet 2023 event. Garlinghouse took to the stage to critique the stance of the SEC and Chair Gensler on the crypto ecosystem. Find out more about it here

XRP price outlook turns bullish

Lockridge Okoth, a technical analyst at FXStreet, evaluated the XRP price chart and shared his outlook on the altcoin. Okoth notes that the asset is currently testing the supply zone at $0.5174 and that la successful breach of this level could push XRP price to $0.5337. This level is significant as it marks the mean threshold of the zone and a decisive break would give bulls an opportunity to push XRP price higher.

XRP/USDT one-day price chart on Binance

XRP/USDT one-day price chart on Binance

Okoth believes that a rejection from the $0.5337 level could push XRP lower to test the foot of the uptrend at $0.4600. At the time of writing, XRP price is $0.5166 on Binance.

Ripple FAQs

What is Ripple?

Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.

What is XRP?

XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.

What is XRPL?

XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.

What blockchain technology does XRP use?

XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.


Like this article? Help us with some feedback by answering this survey:


Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

More from Ekta Mourya
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Solana Price Forecast: SOL consolidates as spot ETF inflows near $1 billion signal institutional dip-buying

Solana (SOL) price hovers above $131 at the time of writing on Monday, nearing the upper boundary of a falling wedge pattern, awaiting a decisive breakout.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH and XRP face pressure near key technical barriers

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) hover around key levels on Monday after correcting slightly in the previous week. The top three cryptocurrencies by market capitalization could face increased downside risk as bearish momentum builds across key indicators.

Top Crypto Losers: DASH, SPX, PENGU – Privacy and meme coins lose ground

Altcoins, including Dash (DASH), SPX6900 (SPX), and Pudgy Penguins (PENGU), are leading losses as the broader cryptocurrency market remains cautious ahead of the macroeconomic data releases, such as the US Nonfarm payroll report, CPI data, and the Bank of Japan’s rate-hike decision.

Top 3 Price Prediction: BTC and ETH eyes breakout, XRP steadies at support

Bitcoin (BTC) and Ethereum (ETH) are nearing the key resistance levels at the time of writing on Friday, and a successful breakout could open the door for a fresh rally. Meanwhile, Ripple (XRP) is stabilizing around a crucial support zone, hinting at a potential rebound if buyers maintain control.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.