Ripple CEO Blasts SEC Chair For Anti-Innovation Stance, XRP Bulls Remain Optimistic

In a scathing critique of the Securities and Alternate Fee’s (SEC) current actions in opposition to the cryptocurrency trade, Ripple Chair Govt Officer (CEO) Brad Garlinghouse has accused the SEC Chair Gary Gensler of “hypocrisy” and “desperation”.

In a assertion launched on Twitter, Garlinghouse known as Gensler’s claims to be “pro-innovation” laughable, arguing that the company’s current lawsuits in opposition to Ripple and different firms are merely a distraction from their inner struggles.

Ripple CEO Claps Again At SEC Chair

Garlinghouse went on to criticize Gensler as an “unelected bureaucrat” who’s flailing to masks the truth that he and his company lack the ability they so desperately crave. He urged that the SEC’s crackdown on the crypto trade is misguided and finally dangerous to innovation.

Moreover, Ripple CEO Garlinghouse criticizes Gensler for attempting to exert energy that he doesn’t possess and means that the company’s actions are finally futile. 

On the identical observe, in accordance to Yassin Mobarak, founding father of enterprise capital agency Dizer Capital, the SEC’s aggressive method could also be an try to stop a precedent-setting ruling in opposition to them within the Ripple case.

Mobarak means that the SEC could also be expediting their assault plans to isolate any potential losses within the Ripple case and declare that they’re particular to the details and circumstances of that case, reasonably than relevant to all the cryptocurrency trade. This might allow the SEC to keep away from setting a precedent that might have unfavorable implications for the trade as an entire.

These feedback replicate the rising rigidity between the SEC and the cryptocurrency trade, with many firms feeling unfairly focused by the company’s regulatory actions. The current lawsuits in opposition to Ripple, Coinbase, and Binance have raised questions concerning the legitimacy of the SEC’s claims and the impression of their actions on the broader trade.

XRP Worth Exhibits Resilience Amid Regulatory Uncertainty

XRP has had a tumultuous few weeks as elevated regulatory scrutiny has put strain on all the crypto trade. After reaching a key stage of $0.500 on Might 30, XRP misplaced a few of its momentum amid uncertainty about the way forward for the trade. Nonetheless, the market has proven resilience, and XRP has managed to breach the $0.500 stage as soon as once more.

As of the time of writing, XRP is buying and selling at $0.5285, up 3% within the final 24 hours. This means that buyers stay optimistic concerning the long-term prospects of the cryptocurrency, regardless of the challenges posed by regulatory uncertainty.

What’s extra, in accordance to the crypto analyst Egrag Crypto, XRP is nearing what he calls the “twilight zone” with a ‘W’ formation, which has a number of measured targets.

The non-logarithmic ‘W’ formation measured goal is between $0.75-$0.85 cents, whereas the logarithmic ‘W’ formation measured goal is between $1.00-$1.20. Moreover, the symmetrical triangle full ship break-out goal is round $5.5, whereas the Fib 1.618 goal is at $6.4, which might characterize an uptrend of over 1000%

Nonetheless, regardless of these potential value targets, Egrag Crypto additionally warns of an final shakeout, which might probably retest the lows seen in June. 

Featured picture from iStock, chart from TradingView.com