Ripple vs. SEC: Brad Garlinghouse Expects Lawsuit to End Next Year

24 November 2021 | Updated: 24 November 2021

Ripple (XRP) CEO Brad Garlinghouse recently expressed his optimism over the ongoing XRP vs. SEC lawsuit, noting that he expects the case to end next year. Garlinghouse made the comments in an interview with CNBC Monday.

Elaborating on his timeline projection for the lawsuit, the CEO noted that:

“We’re seeing pretty good progress despite a slow-moving judicial process.

Clearly, we’re seeing good questions asked by the judge. And I think the judge realizes this is not just about Ripple. This will have broader implications.”

The US Securities and Exchange Commission took Garlinghouse and co-founder Chris Larsen to court last December, alleging that the executives and Ripple Labs sold $1.3 billion worth of XRP in an unregistered securities offering. That said, the defendants have argued strongly that XRP does not fall under the classification of a security.

Meanwhile, Ripple recently published a regulatory framework proposal for cryptocurrencies to regulators across the globe, titled “A Real Approach to Cryptocurrency Regulation.”

Garlinghouse explained that the “proposed policy framework is a three-pronged approach of what can be done now,” adding that it comes from Ripple’s “direct interactions with regulators and bipartisan policymakers.” Brad Garlinghouse has reasserted that the SEC has provided no clarity on cryptocurrency regulation.

Key Ripple Levels to Watch — November 24

XRP has slipped below the critical $1.100 – $1.0500 pivot zone, as the “bankers’ cryptocurrency” struggles to keep bears at bay amid a marketwide FUD. XRP currently trades along a descending trendline, which appears to be taking the cryptocurrency towards the $1 mark.

XRPUSD – 4-Hour Chart on Bitfinex. Source: TradingView

Bulls need to resist this bearish pull and cling to the $1.100 – $1.0500 pivot zone as we head into the end of the year. Much of this bearish bias comes from the lingering SEC vs. XRP lawsuit, which has dragged on for almost a year now.

Meanwhile, my resistance levels are $1.0500, $1.1000, and 1.1500, and my support levels are $1.0000, $0.9500, and $0.9275.

Total Market Capitalization: $2.57 trillion

Ripple Market Capitalization: $48.7billion

Ripple Dominance: 1.89%

Market Rank: #7

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.