The price of XRP has surged by more than 4% in the past 24 hours, extending its bullish trend seen over the past month. This surge has propelled the token to a four-month peak of $0.6377 early Tuesday, outperforming the top 10 cryptocurrencies in the market.
However, this recent surge in value coincides with strong criticism from key Ripple executives, including CEO Brad Garlinghouse and the company’s chief legal officer Stuart Alderoty, directed at the U.S. Securities and Exchange Commission (SEC).
Ripple’s Response to Amendments in Binance Lawsuit
As a Bitcoinist reported On Tuesday morning, the SEC amended its complaint against the world’s largest exchange, Binance, by specifically adjusting the classification of 10 cryptocurrencies, such as Solana (SOL), Cardano (ADA), Polygon (MATIC), and Cosmos (ATOM), which were initially considered “securities.”
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Brad Garlinghouse, CEO of Ripple, replied to this development by highlighting the SEC’s perceived “hypocrisy” in classifying crypto tokens and its handling of crypto regulations over the past year under Chairman Gary Gensler.
Garlinghouse criticized the SEC for what he sees as a lack of clarity in consistently applying the rules, suggesting possible political agendas or questionable litigation tactics. “That’s certainly not faithful fidelity to the law,” Garlinghouse said.
Ripple CLO Stuart Alderoty also weighed in on the pros and cons of the situation, point out apparent inconsistencies between lawsuits involving Binance and U.S. crypto exchange Coinbase, both of which were filed around the same time in the last quarter of 2023.
Alderoty highlighted the SEC’s response to judicial scrutiny in the Binance case compared to its position in the Coinbase lawsuit, particularly regarding the classification of tokens, in which twelve cryptocurrencies, most of which were also included in the Binance case, were also considered securities.
Analyst predicts bullish breakout for XRP price
Although XRP is not involved in the recent SEC decision, its price continues to climb after a 33% surge upward trend over the past month. Sustained momentum fueled by optimistic investors suggests a potential push towards the $1 threshold.
Ali Martinez, Cryptocurrency Analyst Remarks XRP price has been consolidating in a symmetrical triangle pattern for the past six years. Martinez anticipates a bullish breakout if XRP breaks above $0.90, especially in light of the ongoing recovery from a major decline that led the token to a 17-month low of $0.3825 on July 5.
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However, a critical event looms on August 1 when Ripple Labs will be program to release 1 billion XRP from its escrow account, this influx of supply could potentially exceed demand, leading to a further decline in the price of XRP if market interest does not materialize.
The key will be to monitor the $0.5353 level, where the token’s 200-day exponential moving average (EMA) currently resides, which could serve as notable support in the scenario of a further decline following Ripple’s token release.
Featured image of DALL-E, chart from TradingView.com
