Ripple CEO slams SEC Gary Gensler for recent remarks, XRP extends losses
- Ripple CEO Brad Garlinghouse criticized SEC Chair Gensler for his statement that all crypto executives go to jail.
- Gensler shared his thoughts on crypto regulation and the sector’s role in the US Presidential election in a Bloomberg interview.
- XRP is struggling to break above resistance at $0.48 early on Wednesday.
Ripple (XRP) executive Brad Garlinghouse is making headlines for his statement on Securities and Exchange Commission (SEC) Gary Gensler’s remarks on crypto. Gensler said crypto is a field where either the executives are in jail or awaiting extradition.
Garlinghouse slammed the SEC Chair’s statement in a recent tweet on X. The Ripple CEO has faced a lawsuit in California that is set to go to trial for his “misleading statements” in an interview in 2017.
XRP is struggling under $0.48, the altcoin is trading at $0.4723, down 0.69% on Wednesday.
Daily digest market movers: Ripple CEO condemns Chair Gensler’s statements on crypto
- Ripple CEO Brad Garlinghouse was recently in the news for a California state lawsuit against the executive that went to trial. Garlinghouse allegedly made “misleading statements,” saying he is bullish on XRP while selling millions of tokens at the same time.
- Garlinghouse is making headlines this time for his response to Gary Gensler’s remarks in a Bloomberg interview.
- The SEC Chair said in the interview that, “This (crypto) is a field where the leading lights from a couple of years ago are either in jail, about to go to jail, or awaiting extradition.”
"This is a field where the leading lights from a couple of years ago are either in jail, about to go to jail, or awaiting extradition." @SECGov Chair @GaryGensler #BloombergInvest @annmarie pic.twitter.com/KP6kyzwHTk
— Bloomberg Live (@BloombergLive) June 25, 2024
- Garlinghouse slammed the comments in a recent tweet on X:
Absolute nonsense coming from @GaryGensler today.
— Brad Garlinghouse (@bgarlinghouse) June 25, 2024
And this slander about “all crypto execs going to jail” from the man who completely missed FTX (and actually cozied up to SBF), and wasn’t even invited to the DOJ announcement about Binance.
If he was really “working for the… https://t.co/c3ynB5Gncl
- The SEC’s lawsuit against Ripple dates back to 2020, making it evident why the executive and the agency chair don’t see eye to eye on the industry.
- The ongoing lawsuit and the executive’s comments are the market movers on Wednesday.
- XRP is struggling to break past the sticky resistance at $0.48 this week.
Technical analysis: XRP stuck under resistance at $0.48
Ripple is stuck under resistance at $0.48 for the sixth consecutive day, as seen on the daily chart. The altcoin has failed to break above the 23.6% Fibonacci retracement of its decline from the March 11 top of $0.7440 to the April 13 low of $0.4188, at $0.4955.
The closest support is the June 7 low of $0.4508, 5% below the current price level. The closest resistance lies at the Fair Value Gap, between $0.4825 and $0.4841.
The Moving Average Convergence Divergence (MACD) indicator is flashing red histogram bars under the neutral line, and the signal line has crossed above MACD. This reveals an underlying negative momentum in Ripple’s price trend.
XRP/USDT daily chart
A daily candlestick close above $0.4955 could invalidate the bearish thesis and erase the recent losses, 3.28% in the past seven days. The altcoin could then rally towards the closest resistance at $0.4825.
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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