- US CFTC commissioner Caroline Pham met Brad Garlinghouse ahead of a court decision that could affect how regulators handle XRP.
- Pham listed her visit to Ripple as part of her "learning tour" in crypto and blockchain.
- Analysts predict a 50% rally in Ripple as XRP holders witness double-digit gains overnight.
The meeting between US Commodity Futures Trading Commission's Carolin Pham and Ripple CEO Brad Garlinghouse has massively influenced the sentiment among XRP holders. XRP price rallied 10% overnight as XRP holders anticipated a favorable outcome in the SEC v. Ripple case.
Also read: $565,000 GMX exploit deep dive: How a savvy trader took advantage of a broker's loophole
CFTC commissioner Caroline Pham meets Ripple executives
While the US Securities Exchange Commission is embroiled in a legal battle with payment giant Ripple, XRP holders are awaiting an outcome of the lawsuit. Caroline Pham, one of the five commissioners at the United States Commodity Futures Trading Commission (CFTC), met Brad Garlinghouse, Ripple CEO.
Pham tweeted about her visit and said it was a part of a "learning tour" involving crypto and blockchain. Garlinghouse announced the visit was a part of a "public-private engagement," wherein payment giant Ripple engaged with US regulators.
The next stop on my learning tour was visiting @Ripple Labs. Thanks @bgarlinghouse! #XRP #crypto #blockchain pic.twitter.com/ICr8H2ZE3q
— Caroline D. Pham (@CarolineDPham) September 19, 2022
An absolute pleasure to welcome you to our offices, Commissioner @CarolineDPham! Public-private engagement https://t.co/YzLrudMIt0
— Brad Garlinghouse (@bgarlinghouse) September 19, 2022
Crypto proponents have repeatedly argued that CFTC is the regulatory authority for law enforcement in digital assets and cryptocurrencies. Despite the SEC's regulation by enforcement, CFTC is the body that sets frameworks to regulate digital assets.
CFTC and SEC
Pham's visit and her interaction with Brad Garlinghouse is, therefore, key to XRP holders' sentiment and the stand of crypto regulation and law enforcement on payment giant Ripple.
The timing of Pham's visit is key since it comes soon after the SEC and Ripple filed motions for summary judgment in the SEC v. Ripple case. The case has been ongoing since December 2020, and the regulator has accused Ripple and executives of violating securities laws through the sale of XRP tokens.
The outcome of the SEC v. Ripple is expected to have a massive influence on XRP's price since the payment giant is one of the largest public holders of the altcoin. Garlinghouse told the crypto community on Saturday that the SEC is not interested "in applying the law," instead the regulator sought to "expand jurisdiction beyond the authority granted to them by the Congress."
Analysts predict a 50% rally in XRP price
XRP price wiped out its losses and started an uptrend. The altcoin has posted 10% gains overnight, and analysts have identified bullish signals in the XRP price chart. Akash Girimath, a technical analyst at FXStreet, argues that a decisive flip of $0.381 will kick-start a 15% rally in XRP price. Girimath has set a target of $0.439 for XRP price after the altcoin breaks past the $0.381 hurdle.
The analyst presented a big-picture outlook and said the XRP price has hovered inside an ascending triangle setup; the altcoin has produced higher lows and equal highs since June 10. The analyst's bullish outlook on XRP noted a triple tap setup formation. Based on this bottom reversal setup, a flip of the $0.331 to $0.464 range's midpoint at $0.397 will trigger the next leg-up in XRP. The next set of bullish targets is the resistance box between $0.561 to $0.596 if the XRP price trend maintains its momentum.
XRP Perpetual Futures
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.