XRP trades around $0.60 as Ripple CEO comments on SEC lawsuit settlement
- Ripple CEO Brad Garlinghouse commented on what to expect from the SEC lawsuit in a recent Bloomberg interview.
- Garlinghouse expects the lawsuit to end soon, when asked about a settlement, the Ripple CEO says a resolution is expected.
- XRP hovers around $0.60, sustains over 21% gains from the last seven days.
Ripple (XRP) trades around a key psychological level of $0.60, early on Monday. The altcoin recently made headlines for its highest weekly gain of 2024, over 40%. XRP sustained nearly 21% of the gains from the last seven days.
Securities & Exchange Commission (SEC) vs. Ripple lawsuit and Bitcoin price trend have been the key market movers for the altcoin in July. The correlation between Bitcoin and XRP is 0.67, considered as moderate.
Daily digest market movers: Ripple CEO comments on settlement talks in SEC lawsuit
- Ripple CEO Brad Garlinghouse recently appeared in a Bloomberg interview and shared his thoughts on SEC lawsuit and the process of litigation that the payment firm has spent over $150 million on.
- The executive hinted that the company’s long legal battle with the US financial regulator could settle during a private meeting with the SEC on July 25.
- Throughout the lawsuit, Garlinghouse said XRP is not a security and in her ruling, Judge Analisa Torres upheld the same. XRP is not a security in secondary-market sales or sales across exchange platforms.
- The Ripple CEO says they want “regulation and clarity.”
- Garlinghouse holds SEC Chair Gary Gensler responsible for making the situation worse than it was five years ago, when Ripple seeked clarity from the regulator.
- While the CEO cannot comment on the SEC vs. Ripple lawsuit settlement directly, he was quoted as saying, “we can expect a resolution soon.”
- XRP traders are awaiting the meeting and the end of the SEC lawsuit.
Technical analysis: XRP hovers around $0.60
Ripple is currently in an upward trend, forming higher highs and higher lows on the daily chart. XRP could extend its gains by nearly 15% and hit $0.70, a key level for the altcoin. Ripple faces resistance at $0.6666, the 78.6% Fibonacci resistance of the decline from the March 11 top of $0.7440 to the July 5 bottom of $0.3823.
The Moving Average Convergence Divergence (MACD) indicator suggests there is underlying positive momentum in Ripple’s uptrend.
XRP/USDT daily chart
Ripple could find support at $0.5632, the 50% Fibonacci retracement level of the decline. A daily candlestick close under $0.60 could invalidate the bullish thesis for the altcoin.
Cryptocurrency prices FAQs
Token launches like Arbitrum’s ARB airdrop and Optimism OP influence demand and adoption among market participants. Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network. This is typically bullish for a digital asset.
A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods. The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins. Such events often involve an en masse panic triggering a sell-off in the affected assets.
Macroeconomic events like the US Federal Reserve’s decision on interest rates influence risk assets like Bitcoin, mainly through the direct impact they have on the US Dollar. An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa. If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.
Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset. At consistent demand if the supply reduces, the asset’s price climbs. This has been observed in Bitcoin and Litecoin.
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