In a recent interview with Bloomberg, Ripple CEO Brad Garlinghouse provided some commentary on what consumers might anticipate from the SEC action.
When questioned about a settlement, the CEO of Ripple said that a resolution is anticipated. Garlinghouse anticipates that the litigation will be resolved in the near future.
Over the last week, XRP has maintained gains of over 21%, and its current price is hovering around $0.60.
During the early hours of Monday, Ripple (XRP) is trading close to a significant psychological threshold of $0.60. A recent event that garnered attention was the altcoin's greatest weekly gain of 2024, which was above forty percent. XRP managed to maintain over 21% of the gains it had made over the previous seven days.
In the month of July, the Bitcoin price trend and the Securities and Exchange Commission (SEC) vs. Ripple litigation have been the most important market movers for the alternative cryptocurrency. The correlation between Bitcoin and XRP is 0.67, which is believed to be considered moderate.
Recently, Ripple CEO Brad Garlinghouse gave an interview to Bloomberg, during which he discussed his opinions on the SEC case and the process of litigation that the payment company has spent more than $150 million on.
An executive gave a hint that the lengthy legal struggle that the business has been engaged in with the United States financial regulator would be resolved at a private meeting with the SEC on July 25.
The assertion that XRP is not a security was made by Garlinghouse throughout the whole of the dispute, and Judge Analisa Torres affirmed this position in her judgment. When it comes to sales on the secondary market or sales across exchange platforms, XRP is not considered a security.
"Regulation and clarity" is what the CEO of Ripple expressed their need for.
Gary Gensler, the chair of the Securities and Exchange Commission, is being held accountable by Garlinghouse for making the situation much more dire than it was five years ago, when Ripple sought clarification from the regulator.
Although the Chief Executive Officer is unable to explicitly comment on the decision to settle the litigation between the SEC and Ripple, he was cited as stating, "we can expect a resolution soon."
Investors in XRP are waiting for the meeting to take place and for the SEC action to be resolved.
Analysis of the technical aspects: The price of XRP is around $0.60.
On the daily chart, Ripple is now producing higher highs and higher lows, indicating that it is currently leading an upward trend. XRP has the potential to continue its gains by about 15 percent and reach $0.70, which is an important mark for Altcoin. At $0.6666, which is the 78.6% Fibonacci resistance of the drop from the lowest point of $0.3823 on July 5 to the highest point of $0.7440 on March 11, Ripple is confronted with opposition.
According to the Moving Average Convergence Divergence (MACD) indicator, Ripple's uptrend seems to be supported by a positive momentum running under the surface.
It is possible that Ripple will find support around $0.5632, which is the level of the 50% Fibonacci retracement of the downturn. The bullish thesis for the alternative cryptocurrency might be rendered incorrect if the daily candlestick closes below $0.60.
