Ripple vs. SEC Lawsuit on Better Track Than Anticipated: Coinbase Boss

27 October 2021 | Updated: 27 October 2021

Commenting on the ongoing legal battle between Ripple Labs and the US Securities and Exchange Commission, Coinbase CEO Brian Armstrong noted that the case appears to be on a better track than anticipated.

Citing a Forbes article titled “The crypto uprising the SEC didn’t see coming,” the Coinbase boss tweeted on Monday that:

“The Ripple case seems to be going better than expected. Meanwhile, the SEC is realizing that attacking crypto is politically unpopular (because it harms consumers).

The irony is that the people they are supposedly protecting are the ones attacking them.”

Ripple CEO Brad Garlinghouse has made a similar statement regarding the Commission in the past. Garlinghouse noted that the watchdog has failed to implement a clear-cut framework for crypto, adding that: “Instead of working with the industry, the SEC is using their meetings with companies as lead generation for their enforcement actions.”

Following Armstrong’s tweet, several Twitter spectators took it as a sign that Coinbase could relist XRP soon, which they believed could cause a price pump. However, some remained skeptical and argued that Coinbase would not relist XRP until the lawsuit ends.

Coinbase removed XRP from its offer list in January following the SEC’s lawsuit against Ripple Labs and its executives, including Garlinghouse and co-founder Chris Larsen.

Key Ripple Levels to Watch — October 27

XRP has come under intense bearish pressure as it fails, once again, to break above my descending trendline. The seventh-largest cryptocurrency suffered a bearish spiral to the $0.9500 support a while ago but saw a quick rebound to the $1.0220 area.

XRPUSD – 4-Hour Chart

With the current bearish sentiment plaguing the broader market, I expect XRP to retest the $1.0000 psychological support again, which should determine where the price goes next. The primary bullish target for the cryptocurrency now rests on the $1.1000 level.

Meanwhile, our resistance levels are $1.1500, $1.2000, and 1.2500, and our support levels are $1.1000, $1.0500, and $1.0000.

Total Market Capitalization: $2.48 trillion

Ripple Market Capitalization: $47.9 billion

Ripple Dominance: 1.93%

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.