Ripple CEO Feels Good about the Court Proceeding Against the SEC

Updated:

As the legal battle between the US Securities and Exchange Commission and Ripple Labs enters its fifth month, Ripple CEO Brad Garlinghouse, in an interview with Fox Business, noted that he has a good feeling about the progress his company has made in court.

The cryptocurrency provider has succeeded in scoring some legal points against the SEC so far, with Magistrate Judge Sarah Netburn recently granting the company’s motion to compel discovery of private documents.

Garlinghouse has reaffirmed that Ripple (XRP) shares a similar foundational structure (open-source technology) with Bitcoin and Ethereum, as Ripple denies having created the token.

The embattled CEO also highlighted BitPay’s XRP support as an example of how the token is not a security, noting that:

“This is one of the many examples of how XRP is not a security. It’s used as a currency. Ripple has used it as a currency to solve the cross-border payments problems.”

Meanwhile, Garlinghouse and Ripple co-founder Chris Larsen—both of who have been named as accessories in the ongoing case—filed a joint motion for the dismissal of the case earlier this month.

Key XRP Levels to Watch — April 28
Ripple has rebounded modestly from its descent to the $0.95 area and recorded a weekly high around $1.4670 some hours ago. However, the fourth-largest cryptocurrency entered a sideways momentum around the $1.4500 resistance before descending to the $1.3300 area.

XRPUSD – Hourly Chart

We expect a bullish recovery back into the $1.4000 area and higher over the coming hours. If not, we should see renewed declines to $1.2700 or lower.

Meanwhile, our resistance levels are at $1.3800, $1.4500, and $1.5000, and our support levels are at $1.3000, $1.2700, and $1.2000.

Total Market Capitalization: $2.09 trillion

Ripple Market Capitalization: $62.5 billion

Ripple Dominance: 3%

Market Rank: #4

 

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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.