XRP Returns 1% Friday, Ripple Executive Gives Up SEC Scrutiny

• XRP erases 1.16% on Friday, slides to $0.5800.
• Ripple’s Chief Legal Officer, Stuart Alderoty, acknowledges the SEC’s loss in the lawsuit and points out regulatory gaps in crypto.
• Alderoty has repeatedly criticized SEC Chairman Gary Gensler’s stance on crypto regulation.

Ripple (XRP) is trading at $0.5800 early Friday. Ripple’s Chief Legal Officer (CLO) Stuart Alderoty discussed the recent lawsuit and the role of Securities and Exchange Commission (SEC) Chairman Gary Gensler in crypto regulation.

Daily Market Reasons: Ripple CLO Shares Comments On SEC Loss In Lawsuit, Crypto Regulation

• In a recent tweet on X, Ripple CLO Stuart Alderoty criticizes Professor Lee Reiners’ pro-SEC stance in his testimony before Congress.
• Alderoty appreciates that Reiners acknowledged the SEC’s loss in the Ripple case and noted that there is a regulatory gap in the cryptocurrency spot trading market.
• Ripple CLO says this gap can only be closed by Congress and that securities laws cannot be based on a decentralization threshold.
• The executive comments on the application of Hinman’s test to identify whether a contract/asset is a security.
• Alderoty has repeatedly criticized SEC Chairman Gary Gensler. He notes that “SEC chairmen come and go,” noting that Gensler’s approach to crypto and its impact on regulation may be temporary and could change as the agency’s leadership changes.

Technical Analysis: XRP Sees 7% Gains.

XRP is hovering around $0.5800 at the time of writing. The altcoin could extend gains by 7.35% and reach the upper bound of the fair value gap (FVG) on the XRP/USDT daily chart at $0.6217.

The MACD (Moving Average Convergence Divergence) indicator shows green histogram bars above the neutral line, signaling an underlying positive momentum in the XRP price trend.

XRP/USDT Daily Chart

The altcoin could find support in the $0.5188-$0.5785 fair value gap if the bullish thesis is invalidated and XRP corrects. The September 16 low of $0.5598 could act as key support for XRP Ledger’s native token.