As Ripple backers accuse the SEC of allowing Ethereum a free ride XRP is stuck below $0.50
Following Ethereum's free pass, XRP is again below $0.50.
XRP falls below $0.50 on Wednesday as Ripple (XRP) supporters including attorney Bill Morgan criticize the SEC for giving Ethereum a “second free pass” for Ethereum.
On Wednesday, Ethereum creator Consensys stated via its official X account that the SEC is ending its inquiry of the second-largest cryptocurrency. Developer wrote to regulator to inquire about investigation progress and got a response.
Since 2020, the US banking authority has sued Ripple for selling unregistered securities using the XRP coin. SEC asks court for $2 billion in Ripple fines.
Ripple compared the fine to the SEC's action against Terraform Labs and its founders to lessen it. The regulator rejected this proposal, although it allowed a more modest $102 million penalty.
For years, XRP holders have criticized the SEC for classification of Ripple as “unequal” to its counterparts. Community members have criticized the FTC for suing Ripple while giving Ethereum a “free pass.” History repeated when the SEC halted its Ether probe.
While Ethereum holders celebrate the investigation's conclusion, Ripple proponent attorney Bill Morgan has criticized the SEC for treating Ethereum and Ripple differently for the second time in six years.
Ethereum gets its second SEC waiver roughly six years after Hinman's remarks.
Technical analysis: XRP falls below $0.50 again.
Ripple has fallen since mid-March. The cryptocurrency closed over $0.50 for the first time in 10 days on Monday, but it fell below this level after the SEC dropped its Ethereum probe.
If selling pressure continues, XRP may fall 5% to $0.4665, Ripple's crucial support level.
XRP might overturn the bearish thesis with a daily candlestick close above $0.5330, the barrier and June 5 high. If this happens, the token might reach the Fair Value Gap between $0.5491 and $0.6029.
