Ripple CEO Brad Garlinghouse believes that the SEC is deliberately picking winners and losers
Ripple CEO Brad Garlinghouse lamented the U.S. Securities and Exchange Commission for picking winners and losers when asked about the prospects of an XRP exchange-traded fund launching in the U.S. by Fox Business’s Charles Gasparino during an Oct. 18 interview:
Why is the SEC picking winners and losers?
Garlinghouse went on to mention that Bitcoin has “massive” power consumption.
Hence, prioritizing Bitcoin doesn’t sit well with SEC Chair Gary Gensler’s climate agenda, according to the Ripple boss. Earlier, he mentioned that XRP is 100,000 times more efficient than the largest cryptocurrency, estimating that only one Bitcoin transition consumes 75 gallons of gasoline.
In addition, Garlinghouse is concerned about Gensler’s silence on the regulatory status of Ether, the second-largest cryptocurrency.
There are several pending Ether ETF filings in the U.S. that are waiting for the regulator’s nod.
In the meantime, ProShares Bitcoin Strategy ETF, the first approved Bitcoin futures ETF, is set to start trading on the New York Stock Exchange.
Garlinghouse says that it’s “ironic” how the SEC fights for disclosures and clarity but fails to reciprocate when it comes to its own actions:
What we seek more than anything is clarity and certainty.
As reported by U.Today, an XRP exchange-fund product (ETP) was listed on Zurich-based SIX Swiss by crypto asset management firm CoinShares this April.
However, Swiss crypto money manager 21Shares moved to remove XRP from the list of its ETP products after the SEC sued Ripple, alleging that the cryptocurrency is an unregistered security.
Ripple is not willing to settle
According to Gasparino, Garlinghouse said that Ripple wouldn’t settle if XRP were deemed a security.
The most recent comment echoes the executive’s earlier statement about how there should be “absolute certainty” about the cryptocurrency’s regulatory status:
There is no scenario though when we gonna settle unless there is absolute certainty about what is XRP on the go-forward basis.
Macro Guru Raoul Pal Owns XRP, Says Crypto Asset Has Phenomenal Risk-Reward Despite Ripple Lawsuit
Real Vision chief executive Raoul Pal is explaining why he is a holder of the XRP and how he sees the crypto asset’s risk/reward ratio.
The former Goldman Sachs executive says in a new interview with Thinking Crypto that he bought a position in XRP about a year ago, citing the U.S. Securities and Exchange Commission’s (SEC) lawsuit against the payments company Ripple as a primary factor.
“I bought it for the reason that A) It does have use cases and it is being used, and B) The court case is a phenomenal risk/reward.
It got heavily discounted in the price, and then I looked at it and thought, ‘Well, what’s it going to do? Fall 100% from here to zero? But if it gets solved, it’s [up] 10x.’ And I’m like, ‘Well that’s a no-brainer.’ Why would you not take a 10-1 risk/reward that has a catalyst around it?”
The SEC filed charges against Ripple last December alleging that the San Francisco-based payments company sold XRP as an unregistered security during its launch. The regulator alleges that XRP remains a security to this day.
Pal says his XRP bet hinges entirely on the court case.
“It’s all about this court case, right?
Because the price can’t go anywhere – it got delisted from everywhere. It can’t go anywhere until it’s resolved, because the richest, most powerful country on Earth is not allowed easily to invest in it.”
Ripple chief executive Brad Garlinghouse said last month that he was hopeful the legal battle would be resolved next year.
XRP is trading at $0.814366 at time of writing and is down -0.86% in the past 24 hours.
XRP constricts before breaking out to $1
- XRP price begins to move above the consolidation it has experienced post flash crash.
- A key test of the $.90 value area would be the final hurdle before XRP hit $1.
- Bullish entry setup is now present on XRP’s Point and Figure chart.
XRP price, like almost every other cryptocurrency, showed strong signs of recovery after the shock of this past Saturday’s flash crash wore off. The past three days of congestion after a strong rally from the lows may begin a new uptrend for XRP.
XRP price ready to test $0.90, $1.00 next
XRP price has held a strong level of support near the $0.83 value area every since Sunday. Concerns about further downside pressure remain, but the bullish behavior of XRP during the NY lunch hour showed evidence of some substantial buying volume.
There is a hypothetical long trade opportunity on the $0.05/3-box reversal Point and Figure XRP price chart. The entry is a buy stop at $1.05, a stop loss at $0.85 and profit target at $1.75. The entry is based on a Point and Figure pattern known as a Bearish Shakeout. This pattern is valid only when a trend reversal is anticipated and positioned to do so. A two-box trailing stop would help protect any implied profits.
XRP/USDT $0.05/3-box Reversal Point and Figure Chart
If the hypothetical long entry triggers, traders should expect some resistance at the $1.15 and $1.25 value areas before any substantial rise occurs. Additionally, a pullback to the entry zone after $1.50 is another likely scenario that traders should watch out for.
However, bulls should be aware that downside risks remain for XRP. The biggest cloud hanging over XRP remains the unknowns with the ongoing SEC case, which will have ramifications market-wide.
XRP Forecast and Analysis December 8, 2021
XRP/USD are trading at 0.8206 and continue to move as part of the correction and the downward channel. The capitalization of the Ripple cryptocurrency at the time of the publication of the forecast is $39,508,554,960. Moving averages indicate a short-term bearish trend for Ripple. Prices went down from the area between the signal lines, which indicates pressure from the sellers of the asset and the potential continuation of the XRP rate decline in the market already from the current levels. At the moment, we should expect an attempt to develop asset growth and test the resistance level near the 0.8565 area. Further, a rebound downward and the continuation of the fall of the cryptocurrency to the area below the level of 0.4955.
XRP Forecast and Analysis December 8, 2021
In favor of falling XRP/USD quotes, a test of the resistance line on the relative strength index (RSI) will come out. The second signal in favor of a decline in asset quotes will be a rebound from the upper border of the descending channel. Cancellation of the option of falling cryptocurrency will be a strong rise and closing of quotations above the level of 1.1005. This will indicate a breakdown of the resistance area and continued growth of XRP/USD to the area above the level of 1.1565. Confirmation of the fall in the digital currency rate will be a breakdown of the support area and closing prices below 0.7245.
XRP Forecast and Analysis December 8, 2021 implies an attempt to test the resistance level near the 0.8565 area. Where can we expect the cryptocurrency to continue falling with a potential target at the level of 0.4955. An additional signal in favor of a decline in Ripple will be a test of the trend line on the relative strength index (RSI). Cancellation of the option of falling quotations will be a strong growth and a breakdown of the 1.1005 area. In this case, we should expect a continuation of the rise in the digital currency with a target above 1.1565.