In a recent interview with Bloomberg, Ripple CEO Brad Garlinghouse provided some comments on what consumers might anticipate from the SEC's action.
When asked about a settlement, Ripple's CEO said a resolution is anticipated. Garlinghouse anticipates the litigation will be resolved in the near future.
Over the past week, XRP has maintained gains of over 21% and its current price is around $0.60.
During the early hours of Monday, Ripple (XRP) is trading near a significant psychological threshold of $0.60. A recent event that attracted attention was the altcoin's biggest weekly gain in 2024, which exceeded forty percent. XRP managed to maintain more than 21% of the gains made over the previous seven days.
In the month of July, the Bitcoin price trend and the Securities and Exchange Commission (SEC) litigation against Ripple have been the most important market drivers 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 views on the SEC case and the litigation process in which the payments company has spent more than $150 million. .
An executive hinted that the company's long legal fight with the US financial regulator would be resolved in a private meeting with the SEC on July 25.
The claim that XRP is not a security was made by Garlinghouse throughout the dispute, and Judge Analisa Torres affirmed this position in her ruling. When it comes to secondary market sales or sales through exchange platforms, XRP is not considered a security.
“Regulation and clarity” is what the Ripple CEO expressed his need for.
Garlinghouse blames Gary Gensler, chairman of the Securities and Exchange Commission, for making the situation much more serious than five years ago, when Ripple asked the regulator for clarification.
Although the CEO cannot comment explicitly on the decision to resolve the litigation between the SEC and Ripple, he was quoted as saying that "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 uptrend. XRP has the potential to continue its gains by approximately 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 low of $0.3823 on July 5 to the high of $0.7440 on March 11, Ripple faces opposition.
According to the Moving Average Convergence Divergence (MACD) indicator, Ripple's uptrend appears to be supported by positive momentum running beneath the surface.
Ripple is likely to find support around $0.5632, which is the 50% Fibonacci retracement level of the downturn. The alt-cryptocurrency bullish thesis could turn out to be incorrect if the daily candlestick closes below $0.60.
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