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The United States Securities and Exchange Commission’s decision to initiate a lawsuit against Ripple (XRP) has taken a toll on the broader cryptocurrency market. Whether Ripple is a security or not has gotten debated extensively and is the primary focus of the suit. That said, the final judgment of this case will test the effectiveness of the ‘Howey Test’ in today’s time.
SEC Commissioner Hester Pierce recently criticized the use of the Howey Test by the Supreme Court in distinguishing between assets and securities. She argued that the Howey Test suffered some challenges over the years in its application to the cryptocurrency industry.
Nonetheless, the need for a clear-cut regulatory framework for cryptocurrency remains unabated. The need for regulations in the crypto industry got highlighted by Stuart Alderoty, Ripple’s General Counsel. He noted that the air of regulatory uncertainty in the United States was a significant concern. The General Counsel argued that:
“The SEC continues to regulate the space through enforcement rather than adopting laws, rules or regulations.”
He added that:
“America’s regulation by enforcement strategy is already driving innovators away to countries like Japan, Singapore, the U.K., and Switzerland that has established a clear regulatory framework for crypto. The U.S. is creating uncertainty that hurts markets and consumers while hampering the drive for innovative new approaches to cross border payments, financial inclusion, and more.”
Key Ripple Levels to Watch — May 12
Ripple continues to face the difficulty of regaining a bullish momentum since its rejection from the $1.7500 resistance. Based on the hourly chart presented below, the seventh-largest cryptocurrency is trading along a descending channel, further reinforcing its bearish bias.
That said, XRP needs a break above the $1.5500 resistance to negate the current channel. However, with the level of trading volume seen in the market, a bullish surge seems unlikely in the near term.
Meanwhile, our resistance levels are $1.5000, $1.5500, and $1.6000, and our support levels are $1.4000, $1.3500, and $1.3000.
Total Market Capitalization: $2.5 trillion
Ripple Market Capitalization: $51 billion
Ripple Dominance: 2%
Market Rank: #7
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