XRP News Today: Brad Garlinghouse Criticizes SEC as Ripple Awaits Crucial Ruling

Bob Mason
Published: Jul 11, 2024, 01:55 GMT+00:00

Key Points:

  • XRP gained 0.85% on Wednesday, July 10, closing the session at $0.4392.
  • Ripple CEO Brad Garlinghouse made the crypto headlines while attending a crypto industry round table.
  • SEC vs. Ripple case-related news needs consideration on Thursday, July 11.
XRP News Today

In this article:

The crypto market awaits the Ripple verdict amid SEC tensions.

SEC vs. Ripple Case: A July 13 Verdict?

On Wednesday, July 10, XRP gained 0.85%. Following a 0.97% rise on Tuesday, July 9, XRP closed the day at $0.4392.

There has been no SEC vs. Ripple case-related activity to consider since the filings relating to the Binance ruling.

In June, Judge Amy Berman Jackson (SEC vs. Binance) dismissed the SEC case against Binance, which alleged that secondary sales of binance coin (BNB) qualified as securities under the Howey test. In her court order, Judge Jackson cited the Programmatic Sales of XRP ruling, surmising,

“The court is inclined to agree with the approach of the court in Ripple Labs, since the ‘it-is-what-it-is’ approach of the SEC appears to be inconsistent with the clear Supreme Court directives […].”

Ripple’s Response to Binance Ruling

In July, Ripple filed a Notice of Supplementary Authority regarding the Binance ruling to strengthen its defense against the SEC. Ripple targeted the SEC’s case-by-case, coin-by-coin, court-after-court approach and inconsistent rulings, which leaves the industry without clear guidance.

The SEC countered, arguing that the Binance ruling was irrelevant.

These filings could be the last before Judge Torres announces the amount Ripple must pay for breaching US securities laws. In July 2023, Judge Torres ruled that Ripple violated US securities laws by selling unregistered XRP to institutional investors.

Market Implications and Predictions

Speculation about the verdict has intensified since the Binance-related court filings.

Pro-crypto lawyer Fred Rispoli recently predicted an SEC vs. Ripple court verdict in July, possibly by July 13.

While Ripple, the SEC, and the crypto market await the ruling, it was business as usual for US lawmakers and the US digital asset space.

Ripple CEO Brad Garlinhouse and the Crypto Round Table

On Wednesday, July 10, Ripple CEO Brad Garlinghouse attended a crypto roundtable. Garlinghouse shared his views, stating,

“This morning’s crypto roundtable, bringing together folks like Mark Cuban, Paul Grewal, Dante Disparte, etc with the White House and key congressional leaders such as Senator Gillibrand and Republican Joe Neguse, is hopefully the first step in moving from words to actual action.”

The Ripple CEO criticized SEC Chair Gensler and the anti-crypto political establishment, saying,

“Unfortunately, the majority of Dems continue to enable Gensler’s unlawful war on crypto – sabotaging the ability for American innovation to thrive. It’s no wonder the GOP has announced a pro-crypto stance. Gensler will go down as the Luddite of his time. Words are easy, action is hard but necessary. Choose wisely. Voters are paying attention.”

Calling Gensler a Luddite was poignant. The word is commonly used to describe a person opposed to new technology or ways of working.

Garlinghouse also emphasized the importance of the 2024 US Presidential Election. A pro-crypto administration could end SEC Chair Gary Gensler’s term and the regulation-through-enforcement approach that affects the US crypto space.

Investors should stay alert considering the significance of SEC vs. crypto court rulings. Monitor real-time data and expert commentary to adjust your trading strategies accordingly. Stay informed with our latest updates and insights to navigate the crypto market.

XRP Price Action

XRP Weekly Chart sends bearish price signals.
XRPUSD 110724 Weekly Chart

Daily Chart

XRP remained below the 50-day and 200-day EMAs, affirming the bearish price signals.

An XRP return to the $0.45 handle would support a move to the trend lines and the 50-day EMA. A break above the trend lines and the 50-day EMA could bring the 200-day EMA into play. However, selling pressure may intensify at the top trend line. The 50-day EMA is confluent with the top trend line.

SEC vs. Ripple case-related news and SEC activity need consideration on Wednesday.

Conversely, an XRP drop below the $0.42 level could signal a fall to the $0.40 handle.

With a 14-day RSI reading of 40.16, XRP may drop below the $0.40 handle before entering oversold territory.

Daily Chart affirms bearish price signals.
XRPUSD 110724 Daily Chart

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.