– XRP price flipped the 50-day EMA into a support line, however, the altcoin is expected to consolidate.
– SEC Chair Gary Gensler took a jibe at the crypto market on Wednesday, stating there is a lot of noncompliance in the space.
– Ripple CEO Brad Garlinghouse replied to his comment, saying that Gensler had destroyed the integrity of the SEC.
Ripple has partially won the ongoing war against the Securities and Exchange Commission (SEC), but the sourness is still prevalent.While the SEC Chair attempts to place the regulatory body in a good light, the payment processor’s CEO seems dedicated to exposing the Commission’s hypocrisy.
Daily Digest Market Movers: Ripple CEO takes a shot at SEC
– Ripple CEO Brad Garlinghouse took to X, formerly Twitter, this week to give his piece of mind on a recent comment by the SEC Chair Gary Gensler.The regulatory body’s leader spoke about the crypto space in a video he posted on the social media platform, wherein he pointed out the issues pertaining to bad actors in the crypto market.
– He stated that there was a considerable amount of noncompliance in the crypto space, which supposedly undermined the confidence of the investors.He added,
“Further, this can make it hard for the good faith actors to compete.
– However, this did not go down well with the crypto community, who were quick to correct Gensler and point out that the lack of clarity from the Commission is a leading reason for entities being trapped by SEC’s enforcement.
Garlinghouse, not so surprisingly, stood with the community and hit out at the SEC Chair, stating,
“Stunning hypocrisy from the person who cozied up to the biggest fraud in recent memory.
Gensler is a political liability whose actions have decimated consumers and destroyed the integrity of the SEC, while remaining buddy-buddy with Wall Street.
– This is the second time that Garlinghouse has called Gary Gensler a political liability, with a similar comment noted in November.Criticism towards Gensler has always been in regards to their stance against Ripple in the past, but with the Commission losing the Grayscale lawsuit and being forced by the court to approve the spot Bitcoin ETF applications, this animosity is expanding.
Technical Analysis: XRP price set to consolidate
XRP price, trading at $0.617 at the time of writing, has managed to remain above the $0.600 support line.However, by the looks of it, the
altcoin is likely going to consolidate going forward.The reason behind this is the lack of bullish momentum being observed at the moment.
The price
indicators are also seemingly neutral, with the Relative Strength Index (RSI) standing at the neutral line at 50.0, while the 50-day Exponential Moving Average (EMA) acts as a support.
This suggests that the cryptocurrency might witness sideways movement for a while, leading to consolidation.
XRP/USD 1-day chart
However, a gradual increase and a breach through the $0.644 resistance line might result in the invalidation of the bearish-neutral thesis.
XRP price could eventually flip the same line into support to initiate a recovery rally towards $0.700.
Cryptocurrency prices FAQs
How do new token launches or listings affect cryptocurrency prices?
Token launches like Arbitrum’s ARB airdrop and Optimism OP influence demand and adoption among market participants.Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network.This is typically bullish for a digital asset.
How do hacks affect cryptocurrency prices?
A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods.The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins.
Such events often involve an en masse panic triggering a sell-off in the affected assets.
How do macroeconomic releases and events affect cryptocurrency prices?
Macroeconomic events like the US Federal Reserve’s decision on interest rates influence risk assets like Bitcoin, mainly through the direct impact they have on the US Dollar.An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa.
If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.
How do major crypto upgrades like halvings, hard forks affect cryptocurrency prices?
Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset.At consistent demand if the supply reduces, the asset’s price climbs.This has been observed in Bitcoin and Litecoin.
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