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In a scathing critique of the Securities and Exchange Commission’s (SEC) recent actions against the cryptocurrency industry, Ripple Chair Executive Officer (CEO) Brad Garlinghouse has accused the SEC Chair Gary Gensler of “hypocrisy” and “desperation”.
In a statement released on Twitter, Garlinghouse called Gensler’s claims to be “pro-innovation” laughable, arguing that the agency’s recent lawsuits against Ripple and other companies are simply a distraction from their internal struggles.
Ripple CEO Claps Back At SEC Chair
Garlinghouse went on to criticize Gensler as an “unelected bureaucrat” who is flailing to mask the fact that he and his agency lack the power they so desperately crave. He suggested that the SEC’s crackdown on the crypto industry is misguided and ultimately harmful to innovation.
Furthermore, Ripple CEO Garlinghouse criticizes Gensler for trying to exert power that he doesn’t possess and suggests that the agency’s actions are ultimately futile.
On the same note, according to Yassin Mobarak, founder of venture capital firm Dizer Capital, the SEC’s aggressive approach may be an attempt to prevent a precedent-setting ruling against them in the Ripple case.
Mobarak suggests that the SEC may be expediting their attack plans to isolate any potential losses in the Ripple case and claim that they are specific to the facts and circumstances of that case, rather than applicable to the entire cryptocurrency industry. This would enable the SEC to avoid setting a precedent that could have negative implications for the industry as a whole.
These comments reflect the growing tension between the SEC and the cryptocurrency industry, with many companies feeling unfairly targeted by the agency’s regulatory actions. The recent lawsuits against Ripple, Coinbase, and Binance have raised questions about the legitimacy of the SEC’s claims and the impact of their actions on the wider industry.
XRP Price Shows Resilience Amid Regulatory Uncertainty
XRP has had a tumultuous few weeks as increased regulatory scrutiny has put pressure on the entire crypto industry. After reaching a key level of $0.500 on May 30, XRP lost some of its momentum amid uncertainty about the future of the industry. However, the market has shown resilience, and XRP has managed to breach the $0.500 level once again.
As of the time of writing, XRP is trading at $0.5285, up 3% in the last 24 hours. This suggests that investors remain optimistic about the long-term prospects of the cryptocurrency, despite the challenges posed by regulatory uncertainty.
What’s more, according to the crypto analyst Egrag Crypto, XRP is nearing what he calls the “twilight zone” with a ‘W’ formation, which has several measured targets.
The non-logarithmic ‘W’ formation measured target is between $0.75-$0.85 cents, while the logarithmic ‘W’ formation measured target is between $1.00-$1.20. Additionally, the symmetrical triangle full send break-out target is around $5.5, while the Fib 1.618 target is at $6.4, which would represent an uptrend of over 1000%
However, despite these potential price targets, Egrag Crypto also warns of an ultimate shakeout, which could potentially retest the lows seen in June.
Featured image from iStock, chart from TradingView.com