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

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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.

Prof. @leereiners recently testified before Congress, and while there is much to criticize, even this pro-SEC/anti-crypto witness acknowledged the SEC’s loss on Ripple, as well as:
1. A regulatory gap in the spot crypto market that only Congress can close.
2. Securities…

— Stuart Alderoty (@s_alderoty) September 20, 2024

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

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.

Frequently asked questions about Bitcoin, altcoins, stablecoins

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 person, group or entity, which eliminates the need for third parties to participate during financial transactions.

Altcoins are any cryptocurrency other than Bitcoin, but some consider Ethereum to be a non-altcoin because it is from these two cryptocurrencies that the fork occurs. 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 they represent. To achieve this, the value of any stablecoin is tied to a commodity or financial instrument, such as the US dollar (USD), with its supply regulated by an algorithm or demand. The main purpose of stablecoins is to provide an on/off ramp for investors who want to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value, as cryptocurrencies in general are subject to volatility.

Bitcoin dominance is the ratio of Bitcoin’s market cap to the total market cap of all cryptocurrencies combined. It provides a clear picture of Bitcoin interest among investors. A high dominance of BTC usually occurs before and during a bull run, where investors resort to investing in relatively stable and high market capitalization cryptocurrencies such as Bitcoin. A decline in BTC dominance usually means that investors move their capital and/or profits to altcoins in search of higher returns, which usually triggers a burst of altcoin rallies.

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