XRP gives back 1% on Friday, Ripple executive waves off SEC scrutiny
- XRP erases 1.16% value on Friday, slips to $0.5800.
- Ripple Chief Legal Officer Stuart Alderoty acknowledges SEC loss in lawsuit, points out regulatory gaps in crypto.
- Alderoty has slammed SEC Chair Gary Gensler’s stance on crypto regulation on several occasions.
Ripple (XRP) trades at $0.5800 early on Friday. Ripple Chief Legal Officer (CLO) Stuart Alderoty traded barbs on the recent lawsuit and Securities & Exchange Commission (SEC) Chair Gary Gensler’s role in crypto regulation.
Daily digest market movers: Ripple CLO shares comments on SEC loss in lawsuit, crypto regulation
- In a recent tweet on X, Ripple CLO Stuart Alderoty criticizes the pro-SEC stance of Professor Lee Reiners in his testimony before the Congress.
- Alderoty appreciates that Reiners acknowledged SEC’s loss in the Ripple case and noted that there is a regulatory gap in the spot trading market for cryptocurrencies.
- Ripple CLO says this gap can only be closed by Congress and that securities laws cannot rely on a decentralization threshold.
- The executive comments on the application of Hinman’s test to identify whether a contract/asset is a security.
- Alderoty has criticized SEC Chair Gary Gensler on several occasions. He notes that “SEC Chairs come and go,” pointing out that Gensler’s approach to crypto and its impact on regulation may be temporary and could change with a change in leadership at the agency.
Prof. @leereiners testified before Congress recently, and while there’s much to critique, even this pro-SEC/anti-crypto witness acknowledged the SEC's loss in the Ripple case, as well as:
— Stuart Alderoty (@s_alderoty) September 20, 2024
1. A regulatory gap in the crypto spot market that only Congress can close.
2. Securities…
Technical analysis: XRP eyes 7% gains
XRP hovers around $0.5800 at the time of writing. The altcoin could extend gains by 7.35% and rally to the upper boundary of the Fair Value Gap (FVG) in the XRP/USDT daily chart at $0.6217.
The Moving Average Convergence Divergence (MACD) indicator shows green histogram bars above the neutral line, signaling underlying positive momentum in XRP price trend.
XRP/USDT daily chart
The altcoin could find support in the Fair Value Gap between $0.5188 and $0.5785 if the bullish thesis is invalidated and XRP corrects. The September 16 low of $0.5598 could act as key support for the native token of the XRP Ledger.
Bitcoin, altcoins, stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
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