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SEC is Unable to Provide Clarity and in an Awkward Moment with Ripple (XRP)

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Brad Garlinghouse expressed: “American innovation is on the line because of SEC’s refusal to provide a clear framework for crypto. Instead of working with the industry, the SEC uses their meetings with companies as lead generation for their enforcement actions. Once the dust settles, it’ll be clear that Ripple’s on the right side of the law and the right side of history.”

Community response: Pointing to a video, one of the community members stated, “Brad, please use this YouTube Video for the case where Gary Gensler explains to his audience how XRP functions as a bridge currency.”

Brad, aren’t we past the point of a clear framework and uneven regulation at this point? This really boils down to a criminal case against Billy Boy Hinman and Jay the Snake, no? So your primary concern is clarity for XRP and the case against you and Chris.

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Agree. We’re not getting it from the SEC. They are useless. Congress needs to step in and give clarity across the board for all assets.

So much respect for Liz and Charlie having the gall to take the task of reporting something so groundbreaking and evolutionary. This is reporting at its finest and placing a bright light on the eerie darkness of the SEC Gov and their wicked ways of picking winners and losers.

This is true. I’m on a project, and it isn’t clear how to structure it in a decentralized way. US investors are excluded from what the rest of the world can participate in. The innovation is here. Imagine if Apple or Microsoft, or Google were forced to launch their business overseas.

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Brad, the pending legislation/clarity not impacts on American innovation and its future in the crypto space; the impacts are far-reaching from a global perspective. This case will make global history. We want to see Ripple succeed; the crypto space depends on it. No pressure.

The SEC needs to be clear on what they want and where they want this new asset class or currency to go. Brad made the key point that so many people miss, and this is the fact that is owning tokens in a POS blockchain company, which is a software company.

So, how can a token be security? It does have value, I guess. I mean, the cornflake box has some value. It’s how you get your corn flakes, but is it a currency? Same with XRP and other tokens. So, SEC decides what it is, and we can move forward.

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SEC is unable to provide clarity because, if they do so, they must provide clarity that benefits ETH. Meanwhile, if they choose to benefit ETH, it will show that the SEC is providing security instead of crypto assets. This is an awkward moment for SEC.

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XRP price on edge of cliff as Ripple faces imminent collapse

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  • XRP price falls below key Ichimoku levels on the weekly chart.
  • Key oscillator divergence may hint at near-term support.
  • The threat of a 34% drop, however, remains likely.

XRP price followed the rest of the cryptocurrency market lower over the weekend. The US Thanksgiving holiday gave cryptocurrency traders and investors some early Black Friday deals, but downside risks remain.

XRP price drops below weekly Ichimoku Cloud, threatening flash crash conditions

XRP price completed the most bearish weekly candlestick close within the Ichimoku system since the week of February 28th, 2020, last week.. The candlestick closed below its final Ichimoku support level, the Kijun-Sen ($0.957). XRP now has very little support structure remaining and will now rely on the Chikou Span as its final hope of support.

The saving grace for XRP bulls is where the Chikou Span is positioned. For an Ideal Bearish Ichimoku Breakout entry to occur, the Chikou Span must be below the bodies of the candlesticks and in open space. Open space is a condition where the Chikou Span won’t intercept the body of any candlesticks horizontally over the next five to ten periods. For the open space condition to be accurate, XRP price would need to close at or below $0.59.

Some bullish warning signals are flashing, however, and could trigger some covering by short-sellers. Currently, XRP price has bounced off the 38.2% Fibonacci retracement at $0.84 to return above the Kijun-Sen. Another factor contributing to the bounce is the Chikou Span moving above the body of the candlesticks for the first time since the August 13th weekly candlestick.

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XRP/USDT Weekly Ichimoku Chart

There is an almost imperceptible hidden bullish divergence between the candlestick chart and the Composite Index. Hidden bullish divergence is when an oscillator creates lower lows while the price chart creates higher lows. Only valid if the prior trend was up – hidden bullish divergence is an early indicator that the prior uptrend will continue. Contributing further to some near-term support is the Relative Strength Index holding the oversold levels of 50 and 40 as support.

Bulls ultimately need XRP price to close at or above the $1.18 level to establish a clear and renewed bull market.

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Ripple (XRP) Marketing Narratives No Drama Bells and Whistles

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Ripple XRP Marketing Narratives are not Impressing Long-Term Holders in terms of profits.

Worry Wort Investors who have been holding XRP are like:  It’s $0.9 from $1.96. what is the point of all the success story posts, partnerships, and projects.  XRP price is not going higher. Are you using distraction tactic? Investors have been waiting for several years for the price to go up.

There is no doubt that Ripple is a great project and they are successful in what they do in terms of cross-border payments.  Did they ever over promise that the price of XRP will go very high? Or, Are the community assuming that the company implied the price of XRP will sky rocket?

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Ripple Technology is great.  It is not a scam like many other projects out here.  It is doing a lot of good in terms of real-time use.

It just looks like not all cryptocurrencies or tokens are about profit making.  Some tokens are about facilitating use cases that are applicable real time.  Perhaps XRP is one such token with no drama, bells and whistles.

The kind of services delivered by Ripple requires some stability with the token they use as a mode of exchange. So, investors anticipating high profits need to rethink and know that high profits mean high risk and high volatility. This might not be true about XRP in terms of the kind of services it facilitates for Ripple.  May be the expectations of investors is not as realistic.

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Some Interesting Stories about Ripple:  Making an Impact with the Asian at Ripple Community:  In an effort to help Ripple employees bring their most genuine selves to the job, Dushyant Acharya took on a global co-lead role for our Asian ERG. Know more by reading the exhaustive story.

Careers and Jobs at Ripple:  This holiday weekend, while everyone else sleeps off their food coma watching the ‘big game’ why not browse open positions at Ripple? From engineering to finance to marketing, we’ve got a winning line up of roles.

Ripple’s Top Lawyer Says the SEC has declared war on Crypto:  The key to developing an effective policy framework for crypto? Clear communication and collaboration between private and public actors. There is a breakdown of the protocol details published.

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Citi CEO Fraser: ‘We’re Building the Infrastructure for Retail, Real-time Payments’:  Real-time payments are gaining momentum and digital currency is positioned to play a significant role in its future.

Creator Fund:  In collaboration with our agency partners, Mintable, MintNFT & VSA Partners, we’re helping creators and brand clients create and sell their NFTs. Explore to know more about the Ripple Creator Fund.

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40 Million XRP Moved to Binance Exchange and Sold Immediately

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Anonymous wallet moves a large number of coins to exchange while the cryptocurrency market recovers

While others decide to keep their coins in cold or hot wallets instead of exchanges, this XRP whale has moved a large volume of funds to a centralized exchange and, most likely, sold immediately.

According to transactional activity on the chain, an anonymous wallet ending in “kskkhi” has moved 40 million coins to a wallet owned by Binance centralized exchange.

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Currently, the unknown wallet holds almost 13 million coins. The wallet received 40 million coins just a day before a large transaction from another unknown wallet that holds significantly more XRP.

Ripple transaction data
Source: Bithomp

The exchange between undisclosed whales is purely anonymous and has not been known to the public. The second wallet, which initially transacted 40 million coins to the wallet that sold it on Binance, is currently holding 156 million XRP coins.

The larger wallet might somehow be connected to another centralized exchange since it has been constantly receiving a large number of funds from it, including those 40 million coins.

The realization of coins on the Binance exchange could have led to the rapid retrace of XRP that has been moving with a 2.5% profit today. The current daily XRP volume on Binance is at 156 million coins. The transacted amount represents approximately 25% of the current daily trading volume on the exchange.

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At press time, XRP is trading at $0.97 with 0.17% of daily growth that has peaked at 2.5%. Previously, Ripple faced a strong recovery by dropping below the $0.90 zone and then spiking back up to $0.96 in one day.

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