- Ripple’s native token, XRP, slipped to $0.58 following comments from Ripple CLO Stuart Alderoty criticizing the SEC’s regulatory gaps and approach to crypto.
- Alderoty emphasized that only Congress can close these gaps, underscoring the need for clearer regulations in the cryptocurrency market.
Ripple’s native token, XRP, saw a 1.16% decline in value on Friday, slipping to $0.5800. The cryptocurrency market continues to react to legal and regulatory developments, with Ripple’s Chief Legal Officer (CLO), Stuart Alderoty, being a vocal critic of the U.S. Securities and Exchange Commission (SEC).
Ripple CLO Criticizes SEC’s Stance
Stuart Alderoty has been a persistent critic of SEC Chair Gary Gensler’s approach to cryptocurrency regulation. In a recent tweet, Alderoty highlighted the SEC’s loss in the Ripple case, noting the significant regulatory gaps in the cryptocurrency market, particularly in spot trading. He emphasized that these gaps can only be addressed by Congress, not through existing securities laws.
“SEC Chairs come and go,” Alderoty remarked, suggesting that Gensler’s stringent approach to crypto regulation might be temporary and subject to change with new leadership.
Daily Digest: Market Movers and Ripple’s Legal Stand
Alderoty’s recent comments were sparked by the testimony of Professor Lee Reiners before Congress. Despite Reiners’ pro-SEC stance, he acknowledged the SEC’s loss in the Ripple case and pointed out the regulatory void that Congress needs to fill. This sentiment resonates with many in the crypto community who believe that clear and precise regulations are crucial for the industry’s growth and stability.
Technical Analysis: XRP Eyes 7% Gains
Despite the recent dip to $0.5800, XRP shows potential for recovery. Technical indicators suggest that the altcoin could extend its gains by 7.35%, targeting 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 displays green histogram bars above the neutral line, indicating positive momentum in XRP’s price trend. However, if this bullish trend is invalidated, XRP could find support in the FVG between $0.5188 and $0.5785. The September 16 low of $0.5598 is also seen as a key support level.
As Ripple’s legal battles with the SEC continue to unfold, XRP’s price remains volatile. Stuart Alderoty’s criticisms of the SEC and calls for Congressional action underscore the urgent need for a clearer regulatory framework in the cryptocurrency market. Investors should keep an eye on both legal developments and technical indicators to navigate the uncertain landscape of XRP trading.
