Key Takeaways:
- Ripple CEO Brad Garlinghouse is hopeful of regulatory clarity for cryptos in 2023.
- Meanwhile, XRP price struggle to hold above $0.35.
NEW DELHI (CoinChapter.com) — Ripple CEO Brad Garlinghouse took to Twitter to share his prediction for 2023. Garlinghouse stated that he was “cautiously optimistic” about the US arriving at regulatory clarity for the crypto industry in 2023.
The Ripple CEO posted a Twitter thread to mark the first day of the 118th Congress. Garlinghouse reasoned that support for crypto regulation is “bipartisan & bicameral.”
Garlinghouse highlighted the policy pushes of Patrick McHenry, Glenn Thompson, Tom Emmer, Ritchie Torres, John Boozman, Ro Khanna, Sen. Debbie Stabenow, Kirsten Gillibrand, Sen. Cynthia Lummis, and Cory Booker, stating these leaders “recognized the need for clarity.“
Furthermore, the Ripple chief noted that the US government already had a working framework to draft a crypto regulation. Garlinghouse cited bills such as the Securities Clarity Act, the Responsible Financial Innovation Act, the DCEA, and the Clarity for Digital Tokens Act as examples.
Additionally, Garlinghouse pointed out that other countries, like Singapore, the European Union, Brazil, and Japan, are ahead of the US in forming crypto legislation and regulations.
No bill is perfect and there likely never will be one that satisfies everyone. But perfect shouldn’t be the enemy of progress – these proposals provide more than a starting point for debate in this new Congress. The stakes couldn’t be higher.
Brad Garlinghouse said
The Ripple boss cited FTX as an example of the consequences of the government’s failure to have clear crypto regulations. The lack of globally coordinated crypto regulatory standards pushes businesses to move to countries with lower regulatory and ethical bars.
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Garlinghouse hoped the government would utilize the existing building blocks to introduce clarity to the crypto markets.
Ripple Asia’s Rahul Advani Expects XRP SEC Resolution In 2023 First Half
While Ripple CEO Brad Garlinghouse was optimistic about crypto regulation clarity in 2023, Ripple’s Asia Pacific Policy Director Rahul Advani was hopeful of a resolution in the ongoing XRP SEC legal battle.
Advani shared in an interview that Ripple expected a decision from the courts in the first half of 2023. The A-Pac director alleged that the SEC was trying to remake the law, instead of enforcing it, to expand its jurisdiction.
Advani’s prediction coincides with experts’ forecast of a Mar 2023 conclusion of the Ripple SEC lawsuit.
XRP Price Struggles To Hold Above $0.35
Meanwhile, XRP price failed to overcome dynamic resistance from its 20-day EMA (red wave). Moreover, the Ripple token faces resistance from a multi-month descending trendline.
It seems bulls are aggressively buying, with Jan 2’s long lower wick highlighting that XRP attracted buyers near the lower price bands. On Jan 4, the Ripple crypto rose nearly 3% to a high near $0.352.
However, to start a strong uptrend, XRP bulls would need to flip the 20-day EMA to target resistance near $0.357. Breaking and consolidating above immediate resistance could help XRP price to challenge resistance from its 50-day EMA (purple wave) near $0.374 before downside corrections pare gains.
Conversely, if XRP price fails to increase, the token might drop to test support near $0.34, which has been supporting Ripple price action since Nov 9. Moreover, a breach below immediate support could see XRP price drop to $0.32 before recovering.
The relative strength index for XRP remained neutral, with a value of 45.2 on the daily charts.
