• Mon. Jun 24th, 2024

How good is XRP after this brutal statement by Ripple against the SEC

As the Ripple vs. SEC case drags on, interesting twists are popping up. The SEC has finally complied with a court’s order to submit internal documents contested by Ripple (XRP/USD). The documents could prove to be a significant win for Ripple, going by the comments of its CEO Brad Garlinghouse.

Ideally, the said documents related to internal emails and early drafts of a speech by former SEC official William Hinman. They date back to 2018 and are comments by Hinman when he asserted that Bitcoin and Ethereum could not be classified as securities.

Ripple is now attacking the regulator for double standards. According to Ripple’s general counsel Stuart Alderoty, SEC is picking winners and losers in digital asset categorisation. Of course, Ripple was a target of the SEC based on the argument that XRP should be classified as a security.

Garlinghouse has called out the SEC, terming its behaviour as shameful. According to the Ripple CEO, the SEC does not care about disclosure or transparency. He points out that it will be shocking once the truth comes out, in reference to the Hinman documents.

XRP shows indecision despite the latest development

The Hinman documents add to growing optimism that Ripple would win against the regulator in the XRP classification. However, XRP has yet to react and has even lost by an intraday of 4.30%. Technical indicators show it is bearish.

Source – TradingView

On the technical side, XRP is under pressure at minor support of $0.44. A bearish MACD crossover was initiated recently as bears circled the token.

Although the $0.44 level has held before, an increasing bear pressure could force a breakout. The next potential zone for XRP will be $0.37.

Should you buy XRP?

XRP is not a buy at the current level despite the positive developments. The bullish momentum seems to have hit speed bumps, and bears are taking control. 

Potentially, the news isn’t exciting enough to the bulls looking more at the case’s outcome. Also, a bear market is to blame. Investors should aim to buy XRP lower. 

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The post How good is XRP after this brutal statement by Ripple against the SEC appeared first on CoinJournal.