If the SEC sees XRP as a security, the Ripple CEO insists it will still grow and the XRP price still has upside potential
XRP price has been continuously volatile throughout the past few days and weeks, sometimes rising as high as $ 0.9 on some exchanges. The selling pressure here is huge, leaving XRP struggling to gain any momentum since then. That could be a sign of an imminent decline in the coming days and weeks.
XRP price struggles to gain momentum when the market falls
Not long ago, XRP was down almost 30%, to a price of $ 0.46. At press time, the price has recovered slightly to $ 0.56, up almost 2% over the past 24 hours. This marks a major pullback from the recent highs of close to $ 0.9 set earlier this week at the top of the parabolic uptrend.
The full medium-term market trend can largely depend on the next Bitcoin trend, as the selling pressure it faces has caused it to drop to as low as $ 16,200 earlier today before seeing a strong rebound.
XRP appears to be finding some support around its current price level. A continued session here could allow it to move higher.
According to crypto trader Smokey, XRP is showing some signs of technical strength. The strong buying pressure around the current price could confirm this is a high time frame support.
“XRP: Wishful thinking that it closes this hourly green, locks in the div, and stays above key HTF level?”
XRP will likely trade similarly to other top altcoins over the coming days and weeks, making the strength seen on BTC and ETH the mainstay for the cryptocurrency to move higher.
If the SEC sees XRP as a security, the Ripple CEO insists it will still grow
In episode 439 of the Pomp Podcast, Ripple CEO Brad Garlinghouse believes that Ripple can still thrive even if XRP is declared a security by US lawmakers. Such a stance would contradict the prevailing view among G20 markets, he said.
Ripple has been the subject of a class-action lawsuit from disgruntled investors claiming XRP is a security. The lawsuit alleges false advertising and unfair competition against Ripple. A revised filing from March states that Garlinghouse is buying XRP for potential investors while simultaneously liquidating its holdings.
Despite admitting that “it’s very difficult to see XRP as a security,” Garlinghouse said:
“I look at it as one member and Ripple’s an important member of the XRP community. It’s my very strong opinion that it’s very hard to look at XRP as security…You know if XRP were deemed security here in the United States that, you know, we have other G20 markets that have taken a different view. I’m not aware of any market globally that thinks that XRP is a security.”
More than 90% of RippleNet’s customers from the US indicate that specifying securities will not necessarily impede its underlying business. If XRP is declared secure in the United States, investors will need to complete broker-agent registration with the SEC.
XRP’s regulatory status has been the subject of tight scrutiny over the past few years, with veteran trader Peter Brandt the latest public figure claiming it to be secure. On the opposite side of the spectrum, Rep. Tom Emmer, a Republican from Minnesota, argued in August that XRP is not a security.
Ripple has drawn much speculation after Garlinghouse revealed that he was considering moving Ripple’s headquarters to London over the lack of clear regulations on cryptocurrencies in the US. Again, Garlinghouse district taken that the US regulatory framework was “out of sync” with approaches by other countries.
You can see the XRP price here.
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