Former SEC chair Mary Jo White has come out in support of Ripple against the regulatory body calling the conducts of the SEC, “dead wrong.” SEC filed a formal lawsuit against Ripple Labs and two of its executives towards the end of December. The lawsuit accused Ripple labs of the unregistered sale of a security, in the aftermath of which most of the US exchanges announced XRP delisting from their platform. White said,
“As a former U.S. attorney and SEC chair, you know that when it takes that long to figure out a case you probably shouldn’t be bringing it. It’s not something I would do walking out the door,”
The SEC lawsuit divided the opinion of the crypto community where a significant portion was against the lawsuit while a significant others were even in favor. Apart from white another SEC member Hester Pierce had voiced similar concerns over the lawsuit calling out SEC for lack of clarity on crypto regulations.
XRP Price Looks For a Bullish Breakout
The SEC lawsuit against Ripple had quite a daunting effect on XRP price post multiple delisting and lost the majority of its gains made during the year, plunging to a 3-year low. However, when everyone believed the lawsuit would make XRP untradable in the US, the altcoin jumped to recovery and is currently trading at $0.56.
Ripple is getting ready for a breakout as long as the pattern on the 4-hour chart is confirmed.
Holding above $0.5 remains key to the upward momentum. XRP is still under the impact of the gravitational force following the rejection at $0.65.
The altcoin has recovered most of its losses incurred in the aftermath of the SEC lawsuit and now looks set for another bullish leg as the court hearing is set to begin for the case. Ripple and SEC jointly also quashed any possibility of settlement until pre-trial.