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In a scathing criticism of the Securities and Exchange Commission’s (SEC) recent actions against the cryptocurrency industry, Ripple’s chief executive officer (CEO) Brad Garlinghouse has accused SEC Chairman Gary Gensler of “hypocrisy” and “desperation.”
one in statement Continuing on Twitter, Garlinghouse called Gensler’s claims “pro-innovation,” arguing that the agency’s recent lawsuits against Ripple and other companies are merely a distraction from their internal struggles.
Ripple CEO Applauds SEC Chair
Garlinghouse criticized Gensler as an “unelected bureaucrat” who is preoccupied with concealing the fact that he and his agency lack the power they so crave. He suggested that the SEC’s crackdown on the crypto industry is wrong and ultimately harmful to innovation.
Furthermore, Ripple CEO Garlinghouse criticized Gensler for trying to exercise power that he does not have, suggesting that the agency’s actions are ultimately futile.
On the same note, According According to Yasin Mubarak, founder of venture capital firm Dizer Capital, the SEC’s aggressive approach could be an attempt to block a precedent-setting decision against them in the Ripple case.
Mobarak suggests that the SEC may accelerate its attack plan to isolate any potential damages in the Ripple case, claiming that they are specific to the facts and circumstances of that case, rather than being applicable to the entire cryptocurrency industry. Are. This would enable the SEC to avoid setting a precedent that could have negative ramifications for the entire industry.
The comments reflect growing tensions between the SEC and the cryptocurrency industry, with many companies feeling unfairly targeted by the agency’s regulatory actions. Recent lawsuits against Ripple, Coinbase, and Binance have raised questions about the validity of the SEC’s claims and the impact of their actions on the broader industry.
XRP Price Shows Resilience Amidst Regulatory Uncertainty
XRP has had a tumultuous few weeks as increased regulatory scrutiny has put pressure on the entire crypto industry. After reaching the 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 break the $0.500 level once again.
At the time of writing, XRP is trading at $0.5285, up 3% over the past 24-hours. This suggests that investors remain optimistic about the long-term prospects of cryptocurrencies, despite the challenges posed by regulatory uncertainty.
what’s more, According For crypto analyst AggregateCrypto, XRP is near what he calls a “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 Completed 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, Aggregate Crypto also warns of an eventual shakeout, which could potentially retrace the lows seen in June.
Featured image from iStock, chart from TradingView.com
