• XRP sheds 1.16% on Friday, falling to $0.5800.
• Ripple’s Chief Legal Officer, Stuart Alderoty, recognizes the SEC’s loss in the lawsuit, highlighting regulatory gaps in the crypto industry.
• Alderoty has repeatedly criticized SEC Chair Gary Gensler’s approach to crypto regulation.
Ripple (XRP) is trading at $0.5800 early Friday. Ripple’s Chief Legal Officer, Stuart Alderoty, exchanged sharp remarks regarding the recent lawsuit and SEC Chair Gary Gensler's role in crypto regulation.
Daily Digest Market Movers: Ripple CLO Comments on SEC Loss and Crypto Regulation
• In a recent tweet, Ripple’s Chief Legal Officer, Stuart Alderoty, criticized Professor Lee Reiners’ pro-SEC stance during his testimony before Congress.
• Alderoty acknowledged Reiners’ recognition of the SEC’s loss in the Ripple case and highlighted the regulatory gap in the spot trading market for cryptocurrencies.
• He emphasized that only Congress can address this gap and argued that securities laws cannot depend on a decentralization threshold.
• Alderoty also commented on the application of the Hinman test to determine whether an asset or contract is a security.
• The Ripple CLO has frequently criticized SEC Chair Gary Gensler, noting that “SEC Chairs come and go,” implying Gensler’s approach to crypto regulation could shift with new leadership at the agency.
" Prof. @leereiners testified before Congress recently, and while there’s much to critique, even this pro-SEC/anti-crypto witness acknowledged the SEC’s loss in the Ripple case, as well as:
1. A regulatory gap in the crypto spot market that only Congress can close.
2. Securities…
— Stuart Alderoty (@s_alderoty) September 20, 2024.
Technical Analysis: XRP Targets 7% Gains
XRP is currently trading near $0.5800. The altcoin could see a 7.35% rise, potentially rallying to the upper boundary of the Fair Value Gap (FVG) on the XRP/USDT daily chart, reaching $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.
XRP/USDT Daily Chart
If the bullish outlook falters and XRP corrects, the altcoin may find support within the Fair Value Gap, between $0.5188 and $0.5785. Additionally, the September 16 low of $0.5598 could serve as a key support level for XRP.
