Ripple chief, Brad Garlinghouse, has mocked SEC boss Gary Gensler on Twitter. A 3-year old video in which Gensler revealed the need for more regulatory oversight on the crypto industry surfaced online recently. Garlinghouse responded to the video with the words, “I love Twitter.”
A January 2021 Twitter thread by Garlinghouse revealed that Ripple made attempts to settle with the regulatory agency but failed in the effort. However, based on various media reports, Ripple hopes that the agency will reverse taking the crypto firm to court. According to the company’s legal team, Ripple’s case with the SEC, which started during president Biden’s predecessor, Donald Trump, and former SEC chief, Jay Clayton, had political undertones.
Most crypto enthusiasts were excited when Gary Gensler was nominated for the SEC chair in February because of his knowledge about the digital asset space. They have been surprised that he has taken a more drastic approach to perform oversight functions on the crypto space, especially DeFi and stablecoins. Also, one of Gensler’s moves, when he became the newly appointed SEC head, was to continue the XRP-SEC case- a move that disappointed the Ripple community.
Ripple Won’t Settle
Ripple’s head legal counsel, Charles Gasparino, revealed to journalists that the company wouldn’t make any settlement plans with the SEC. He said that their “fair notice” defense stands them in good stead to win the case. Based on the “fair notice” defense, the SEC is partial in dealing with blockchain and crypto-related firms.
A legal counsel defending XRP holders corroborated the company’s legal chief, saying that the court’s ruling on pending motions will prove a settlement is unlikely. A motion for the court to throw out SEC’s lawsuit was filed by Ripple’s co-founders a few months ago.
XRP Bears And Bulls Battle For Supremacy
While XRP price has been steady for the past few days showing a balance in the bulls’ and bears’ power, some indicators show bearishness. The symmetric triangle pattern indicates that the bears are in control, but some indicators show that XRP might stay above critical support. XRP will be on the verge of a strong rally above the support price range if it does.
The 12-hour chart shows that XRP price remains steady around the 24% fib retracement level even though it has made several attempts at surpassing the critical resistance levels. XRP’s bullish run depends on how well it can maintain its current crucial price levels.
If it can use this support to launch another strong rally, its next resistance would be around the 0.618 fib level, which coincides with the $1.25 price range. But if the symmetrical pattern flips against XRP, it might keep declining and lose at least 11% of its value in the short-term to trade around the $0.96 range.
The technical signals aren’t giving a clear direction. The RSI continues to decline, while the MACD is struggling to recover following a multi-month low. However, the SM signal shows a reduction in the red bars, which indicates reducing selling pressure.