Ripple (XRP) goes wild after Garlinghouse publicly mocked the Securities and Exchange Commission

Ripple (XRP) is back in the spotlight as its price has surged more than 31% in the past 24 hours to reach $0.55.

The price action, which has propelled the market capitalization of XRP to nearly $25 billion and to the sixth place among cryptocurrencies by market capitalization, was prompted by comments made by Brad Garlinghouse, CEO of Ripple Labs about the US Securities and Exchange Commission (SEC). .

Brad Garlinghouse mocks the Securities and Exchange Commission

Ripple CEO gone He lives on Fox Business TV Thursday night to discuss the latest on the long legal battle with the regulatory authority.

The SEC vs Ripple lawsuit could soon be terminated if a federal judge determines that Ripple Labs did not violate federal securities laws. Both parties filed petitions for an expedited judgment earlier this week, seeking to end the lawsuit without a jury trial.

“We think so [the judge] He has the information to make a judgment. We think it’s very clear that the SEC has overstepped its authority,” Garlinghouse stated, before going on to say that “the SEC has lost its way.”

The CEO of Ripple Labs went on to air, calling the SEC a “cocoa puff cuckoo,” a catchy phrase that stems from the cartoon character that usually refers to someone as irrational.

“I said yesterday on stage, I think the SEC is ‘the cuckoo of cocoa puffs,'” Garlinghouse told an 80 million Fox Business audience.

The price of XRP immediately responded to Garlinghouse’s comments, jumping nearly 12% to $0.5411 within an hour of the interview. The crypto subsequently peaked at $0.5523, a level not reached since early May 2022.

What is the price of Ripple (XRP) too?

XRP’s rally also coincided with Bitcoin (BTC) bullish moves, with the leading cryptocurrency posting gains around 6% during the same time period. As BTC is the dominant asset in the crypto space, its price trend has a significant weight in the industry, maintaining influence over the Bitcoin-mimicking Altcoin market.

Finally, on Monday, September 19, Ripple (XRP) managed to breach the critical $0.38 resistance level on the weekly time frame. Momentum was reinforced by intensified optimism about the ongoing lawsuit, Pushing XRP to Level $0.50 resistance level.

The value of XRP has been steadily rising since September 16, having surged more than 66% over the past seven days in response to bolstered belief in a possible settlement of the SEC’s lawsuit against Ripple.

Ripple (XRP) is still 85% below its all-time high of $3.40 in early 2018. If the company wins its legal battle with the Securities and Exchange Commission, the price of XRP is expected to rise, with Ripple’s ongoing lawsuit with the authority Regulatory account is one of the biggest factors weighing on its price.

Source link

Related Posts