Ripple has been in a court battle with the SEC for almost a year, in which the SEC has accused Ripple and two of its executives, CEO, Bradley Garlinghouse and co-founder and executive chairman of its board, Christian Larsen, of conducting a $1.3 billion unregistered securities offering.
Ripple’s CEO, Brad Garlinghouse has stated that Ripple is open to settling the SEC lawsuit against Ripple, but will do so under one condition. His condition is that the SEC should clearly define the regulatory status of XRP.
In a Fox Business interview, Garlinghouse stated,
“To the extent we can find a constructive path forward with the SEC, we, of course, want to find that. There’s no scenario though that we’re going to settle unless there’s absolute certainty about what XRP is on a go-forward basis. And it’s very clear that how Ripple is using these technologies, how many scores of other people in the community are using these technologies.
They’re not securities. They do not represent an ownership in Ripple the company.” He further went on to say that the crypto industry is already significantly regulated.
This statement comes in contradiction to what the SEC Chairman, Gary Gensler said. In a statement, The SEC boss stated that the cryptocurrency space is like the “Wild West.”
Garlinghouse went further to say,
“I think we lose sight of the fact that crypto is regulated. It’s regulated by the CFTC (Commodity Futures Trading Commission). It’s regulated by other government entities, whether its FinCEN (Financial Crimes Enforcement Network) and the U.S. Treasury.
So when I’ve heard the SEC people come forward and say, ‘Hey this is the Wild Wild West. It’s not regulated.’ Well, that’s not entirely true… Previously, they (SEC) said Bitcoin’s not a security. ETH’s (Ethereum) not a security.”
XRP/USD Major Trend: Bearish
Following the last bearish impulse on September 21, the XRP price has been trading between 0.80 and $1.00 price levels. The bears have broken below the previous low at $0.92 as bulls bought the dips. Buyers attempted to push the XRP price above the previous high but were repelled at $1.00 high.
This gives the impression that the selling pressure is likely to continue on the downside. Meanwhile, on September 7 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that XRP will fall to level 1.618 Fibonacci extension or level $0.63. From the price action, the XRP price is hovering above the previous low at $0.92. If the bears break below the previous low and the bearish momentum is sustained, the market will decline to level 1.618 Fibonacci extension or level $0.63. The upward move will resume if the current support holds and buyers push XRP price above the resistance levels of $1.00 and $1.10.
