XRP holds steady above $0.51 as former SEC lawyer slams regulator for approach on crypto regulation
- XRP trades at $0.5169 on Monday, with prices little moved compared with the previous day.
- Former SEC enforcement lawyer Ladan Stewart criticized the agency and the Biden administration’s approach to crypto regulation.
- Stewart says that even though there are people interested in working with the regulator, they feel it is not possible.
Ripple (XRP) holds steady above $0.5100 on Monday. The native token of the XRP Ledger noted no significant price change for the day.
Former SEC lawyer Ladan Stewart shared her thoughts on crypto regulation, the agency’s approach and her experience being on both the industry and the regulator’s side, according to a tweet by Fox Business journalist Eleanor Terret on X
Daily Digest Market Movers: XRP stuck at $0.5136, former SEC lawyer comments on crypto regulation
- XRP has been range-bound this month, fluctuating between$0.6342 and $0.4860. At the time of writing, the altcoin is trading at $0.5136.
- The Securities and Exchange Commission’s (SEC) lawsuit against Ripple and the agency’s approach to crypto regulation are some factors that influence the altcoin’s price on Monday.
- Attorney Ladan Stewart, a former SEC lawyer with experience in the crypto industry, commented on the regulator’s approach to crypto.
- Stewart noted that there are people on the crypto industrywho “really want to find a way to work with regulators, and they feel like that's just not possible, given you know who is at the helm of the SEC or generally the Biden administration.” “I think it's just unfortunate, and it gets in the way of any effort toward reaching some regulatory clarity or anything that allows us to work toward building this industry,” added Stewart. Richard Levin, an attorney from Nelson Mullins, was asked what the most impactful change in America for crypto could be. He responded: “I would push the SEC to actually comply with the Administrative Procedure Act,” according to Fox Business journalist Eleanor Terrett.
- The lawyer’s stance on crypto regulation comes at an interesting time for Ripple when the SEC appealed the final ruling in the lawsuit and the payment remittance firm filed its cross-appeal. Find more details about the cross-appeal here.
Technical analysis: XRP could decline 7%
XRP has been in a downward trend since its March 11 high of $0.7440. The altcoin could sweep liquidity at $0.4780, which represents the lower boundary of a Fair Value Gap (FVG) and the July 12 high. The Moving Average Convergence Divergence (MACD) indicator flashes red histogram bars under the neutral line, signaling a negative underlying momentum in the XRP price trend.
XRP/USDT daily chart
If XRP sees a daily candlestick above resistance at $0.5666, it could invalidate the bearish thesis for the altcoin.
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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