As a seasoned crypto investor with a keen interest in the regulatory landscape and its impact on token prices, I am closely following the ongoing Ripple vs SEC lawsuit and the recent criticism from renowned crypto lawyer John Deaton towards Gary Gensler, the current chair of the Securities and Exchange Commission (SEC).
As a crypto investor closely following the developments in the XRP market, I can’t help but express my concern over the ongoing Ripple vs SEC lawsuit. Renowned crypto lawyer John Deaton has recently escalated his criticism towards Gary Gensler, the current chairman of the Securities and Exchange Commission (SEC). With Deaton increasing his scrutiny of the agency and its leadership, XRP’s price remains steady, holding above the crucial support level at $0.52.
A well-known digital token for international money transfers decreased by 0.2% over the past day, landing at $0.529. Over the last week, its worth has remained fairly stable, indicating a lack of clear trend.
Pro-Ripple Attorney Slams SEC Chair
John Deaton, a lawyer involved in several cryptocurrency lawsuits, has criticized Gary Gensler’s Securities and Exchange Commission (SEC) for targeting the executives of Coinbase, LBRY, and Ripple. According to Deaton, this aggressive regulatory approach reveals a problematic regulatory environment that hinders the growth of the industry.
The Securities and Exchange Commission (SEC) holds the view that certain digital assets should be classified as securities, giving it jurisdiction over them. Consequently, the regulatory body has initiated several legal actions against companies it suspects of flouting US securities regulations.
Deaton based his critique on a recent decision where the SEC was fined $1.75 million for misleading practices in the Debt Box Case. In accordance with this lawsuit and the resulting penalty, Deaton and other members of the crypto community argue that the SEC’s actions are excessively aggressive and financially devastating.
Deaton refined his perspective on the LBRY case, during which a regulatory representative made a public statement indicating that the company would be financially burdened by legal expenses. According to the lawyer, this declaration sets a concerning precedent for unfair conduct and significantly hinders innovative progress.
I take great pride in being among the early adversaries of Gary Gensler’s Securities and Exchange Commission (SEC). I have represented amici curiae in the Ripple, LBRY, and Coinbase cases. I initiated a lawsuit against the SEC on New Year’s Day 2021, and for over three years, I have argued against the SEC lawyers’ positions.
— John E Deaton (@JohnEDeaton1) May 28, 2024
Deaton believes the crypto industry is under attack by bad leadership from regulators like the SEC.
Alongside calls for Gensler’s resignation, the lawyer proposed that Chris Giancarlo, the previous chairman of the Commodity Futures Trading Commission (CFTC), assume the role instead.
XRP Price Prediction: Fighting For A Breakout
As a researcher studying XRP‘s price movements, I observed that the token remained below all three of its short-term Exponential Moving Averages (EMAs) – specifically, the 20-day, 50-day, and 200-day averages – on the four-hour chart. The pressure to sell has been mounting since XRP encountered resistance at $0.54 last week.
As a researcher studying the price trends of XRP, I’ve identified two significant levels that could influence its future direction. The first level is the lower boundary of the ascending channel at around $0.52, which is also where buyer congestion has been observed. If XRP breaks below these levels, it may become more vulnerable to a downtrend and increase the likelihood of a correction towards $0.5 or even lower prices.
The RSI indicator signaling a bearish trend as it dips below the 50-mark, potentially amplifying the downward pressure on XRP‘s value if the selloff persists.
Alternatively, if XRP manages to overcome the resistance level at $0.54, it would be a sign that bulls are gaining strength in the market. If XRP surpasses the resistance at $0.7, the most likely direction for the price will shift upwards, potentially leading to further gains toward $1.
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2024-05-29 20:11