Ripple CEO Brad Garlinghouse Blasts Democrats. Read CoinChapter.com on Google News
NAIROBI (CoinChapter.com)— Ripple CEO Brad Garlinghouse urged Democrats to address the SEC’s actions against the crypto industry during a roundtable on Wednesday. The event gathered key figures, including Coinbase CLO Paul Grewal and congressional leaders, highlighting the impact on American innovation.
Garlinghouse criticized Democrats for ignoring SEC Chair Gary Gensler’s enforcement actions against the crypto industry, arguing that these actions stifled innovation and burdened American companies and investors.
Brad Garlinghouse’s tweet about Democrats. Source: X
Garlinghouse emphasized the need for bipartisan support in addressing regulatory challenges. He thanked leaders like Congressman Ro Khanna and Senator Kirsten Gillibrand for engaging with the crypto sector while noting that Republicans have shown a pro-crypto stance. He urged voters to consider this issue in the upcoming US elections.
The SEC vs. Ripple lawsuit remains unresolved. Judge Analisa Torres is expected to rule on the penalty for Ripple’s alleged violations. The SEC has proposed a $102.6 million fine, while Ripple has suggested a $10 million settlement. XRP traders and the broader crypto community are closely watching the outcome.
Ripple (XRP) Poised for Further Gains?
XRP continues to show signs of recovery, trading around $0.46 at the time of writing. Ripple’s price found support near the weekly mark of $0.413 early this week, rebounding by 4% over the subsequent two days. As of Friday, it trades up by 0.6% to $0.45.
The cryptocurrency could see further gains. The next key resistance level is near $0.48, representing a 5.55% increase from current levels.
XRPUSD 1-day chart with MACD and AO. Source: TradingView
Furthermore, surpassing the $0.499 level could pave the way for an additional 6.4% increase, aiming to retest the next daily high at $0.532 recorded on June 5.
The Moving Average Convergence Divergence (MACD) indicator shows a bullish trend. The MACD line is about to cross above the signal line. On the daily chart, both the Relative Strength Index (RSI) and the Awesome Oscillator (AO) remain below their critical thresholds of 50 and zero, respectively.
To sustain bullish momentum, these indicators must rise above these levels, potentially supporting the ongoing recovery.
Analyst Eyes Bullish Cues From Bollinger Bands
According to analyst Matt Hughes, Ripple (XRP) currently has one of the tightest monthly Bollinger Band squeezes in its history. This squeeze is reminiscent of the period before the 2017 bull rally, where XRP’s price surged by 60,000%, reaching an all-time high of $3.84 by January 2018.
XRP price in one of its tightest monthly Bollinger Bands.
While tightening Bollinger Bands has sometimes preceded substantial price moves, similar parabolic actions did not always follow. In late 2020, for instance, the pattern led to a sevenfold increase in XRP’s price, nearing $2 by April 2021.
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