Ripple CEO goes Rambo on SEC, says no settlement even if court rules out XRP as security

Key Takeaways:

  • Ripple Labs CEO Brad Garlinghouse believes SEC is picking winners and losers.
  • The XRP boss gave an interview to FOX news at the Milken Conference.

NEW DELHI (CoinChapter.com) — Ripple CEO Brad Garlinghouse accused the SEC of partiality regarding cryptocurrencies.

The Ripple CEO spoke in an interview with Charlie Gasparino, the Senior Correspondent at FOX Business Network. Mr. Garlinghouse’s allegation against the SEC was in answer to a question regarding the prospect of an XRP exchange-traded fund launching in the US.

Additionally, Mr. Garlinghouse also pondered why the SEC asked to extend the discovery process, a move usually coming from the defendant’s side.

Meanwhile, XRP prices are struggling to break above immediate resistance at $1.144. The Ripple token gained by 2.36% in the last seven days.

“No Settlement If XRP Is Considered Security”

In the interview, Ripple’s CEO stated that he would like to see the SEC lawsuit conclude so that investors can gain clarity on digital asset regulation. However, he affirmed that the fintech firm would not consider settlement if SEC tried to brand XRP as a security.

Charlie Gasparino then asked the CEO what he thought of the meetings between former SEC chair Jay Clayton and Gary Gensler, the current SEC chair. The meeting occurred in 2018 when the SEC was still contemplating the extent of regulation needed in the crypto sector.

Related: Newsflash: Bitcoin hits a new milestone high, crosses $66.1K on ETF FOMO.

Within three months of the Gensler-Clayton meeting, former SEC director William Hinman gave his iconic speech, the ramifications of which are still being felt in the XRP-SEC lawsuit. Sensing trouble, Ripple met with the SEC to argue its case, but with no results.

In response, the Ripple boss highlighted in 2018, the current SEC chair had, on video, that XRP was not a security. If the current chair of SEC was unclear on the regulatory status of XRP, how can Ripple or others have any clarity, Mr. Garlinghouse asked.

However, he confessed the Gensler-Clayton meeting was bad optics for Ripple.

Ripple’s boss also said the crypto market needs clearer regulations, and Capitol Hill has taken note of the issue too. With more than 45,000 XRP holders united against the SEC, senators from different constituencies get questions regarding the crypto issue.

Brad Garlinghouse mentioned Bitcoin’s massive power consumption, highlighting Bitcoin does not fit Gary Gensler’s climate agenda. He further expressed apprehension on the SEC chair’s silence regarding Ethereum. While the SEC approved a Bitcoin-based ETF, several Ether ETF filings are still awaiting regulatory approval.

Why is a government entity deciding this is a winning one which, by the way, happens to have some pros and cons, like massive power consumption?

Brad Garlinghouse on SEC’s ETF approval decisions.

Mr. Garlinghouse mused how it was ironic how the SEC struggled for disclosure and clarity but failed to implement the same principles in its workings.

XRP’s Struggling Charts

XRP prices are moving horizontally on the daily chart, with any upside movement capped by immediate resistance at $1.14. However, the Ripple token is moving above its short-term (50-day) and long-term (200-day) Moving Average trendlines, indicating XRP is bullish across all time horizons.

Also Read: Overvaluation risks cloud Reef Finance as REEF price doubles in October.

On a day when BTC charted a new ATH, XRP prices rose by 7.89%, going from the day’s low of $1.076 to a high of $1.161.

If XRP breaks above immediate resistance and consolidates, bulls would target the next resistance level at $1.216. If there is a sustained uptrend, XRP might target $1.28 before corrections happen.

XRP has had a lackluster performance on the daily charts. Source: XRPUSD on Tradingview.com
XRP has had a lackluster performance on the daily charts. Source: XRPUSD on Tradingview.com

On the other hand, XRP has strong support at $1.079, where the 50-day MA and 26-day EMA lines have formed a support confluence. Further support for the Ripple token comes from the 200-day MA line at $1.025.

Meanwhile, XRP’s MACD is oscillating between bullish and bearish momentum. The Ripple token’s MACD turned bearish on Tuesday before charting a bullish crossover on Oct 20. The MACD histogram plots the difference between the MACD (difference between 12-day and 26-day EMA) and its signal line (9-day EMA of MACD).

Ripple's MACD is oscillating between bullish and bearish levels. Source: XRPUSD on Tradingview.com
Ripple’s MACD is oscillating between bullish and bearish levels. Source: XRPUSD on Tradingview.com

The histogram bars turned negative for XRP after 18 days on Tuesday.

Several technical indicators forecast a strong buy signal for XRP in the monthly time frame. First, the relative strength index for XRP is 57.06, indicating the token is neither overbought nor oversold.

At the time of writing, XRP was trading at $1.13, up 3.63% on the day.

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