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XRP Price Jumps as Ripple Leadership Criticizes SEC’s ‘Hypocritical’ Cryptocurrency Regulation
XRP price has surged by more than 4% in the last 24 hours, extending its bullish trend observed over the past month. This increase has pushed the token to a four month peak of $0.6377 on Tuesday morning, outperforming the top 10 cryptocurrencies on the market.
However, this recent surge in value coincides with strong criticism of the top brass at the U.S. Securities and Exchange Commission (SEC) from key Ripple executives, including CEO Brad Garlinghouse and the company’s chief legal officer Stuart Alderoty.
Ripple’s Response to Amendments in Binance Lawsuit
As a Bitcoinist reported On Tuesday morning, the SEC amended its complaint against the world’s largest exchange, Binance, specifically changing the classification of 10 cryptocurrencies, including Solana (SOL), Cardano (ADA), Polygon (MATIC), and Cosmos (ATOM), which were initially considered “securities.”
Brad Garlinghouse, CEO of Ripple, he answered to this development by highlighting the SEC’s perceived “hypocrisy” in its classification of crypto tokens and its handling of cryptocurrency regulations over the past year under Chairman Gary Gensler.
Garlinghouse criticized the SEC for what he sees as a lack of clarity in consistently applying the rules, suggesting possible political agendas or questionable litigation tactics. “Certainly not faithful adherence to the law,” Garlinghouse said.
Stuart Alderoty, CLO of Ripple, also expressed his opinion on the situation, put in evidence apparent inconsistencies between lawsuits involving Binance and U.S. cryptocurrency exchange Coinbase, both of which were filed around the same time in the final quarter of 2023.
Alderoty highlighted the SEC’s response to judicial scrutiny in the Binance case compared to its position in the Coinbase case, particularly with respect to the classification of tokens, in which twelve cryptocurrencies, most of which were also included in the Binance case, were considered securities.
Analysts Predict Bullish Breakout for XRP Price
Even though XRP was not implicated in the recent SEC decision, its price continues to rise after a 33% drop. upward trend in the past month. Sustained momentum fueled by bullish investors suggests a potential push towards the $1 handle.
Cryptocurrency analyst Ali Martinez Notes that XRP price has been consolidating inside a symmetrical triangle pattern for six years. Martinez predicts a bullish breakout if XRP breaks above the $0.90 mark, especially given the ongoing recovery from a significant decline that took the token to a 17-month low of $0.3825 on July 5.
However, a critical event looms on August 1st, when Ripple Labs will be scheduled to release 1 billion XRP from its escrow account, and this influx of supply could potentially exceed demand, leading to a subsequent drop in the price of XRP if market interest fails to materialize.
The key will be to keep an eye on the $0.5353 level, where the token’s 200-day exponential moving average (EMA) is currently located, which could act as a significant support in the scenario of a further decline following the release of the Ripple token.
Featured image from DALL-E, chart from TradingView.com