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Highlights
- XRP holds firmly to support at $0.52 as crypto prices consolidate.
- John Deaton calls for Gensler’s resignation to pave the way for crypto-friendly regulations.
- XRP has the potential to rally to $1 but first hurdles at $0.54 and $0.7 must come out of the way.
XRP price prediction: The Ripple vs SEC lawsuit is far from over as renowned crypto lawyer John Deaton turns his guns on Gary Gensler, the current chair of the Securities and Exchange Commission (SEC). As Deaton intensifies his criticism of the agency and its leadership, XRP price consolidates respecting support above $0.52.
The prominent cross-border money remittance token fell 0.2% in 24 hours to $0.529. Its value remains relatively unchanged in a week, emphasizing the lack of direction.
Pro-Ripple Attorney Slams SEC Chair
John Deaton, who has taken part in various crypto-related lawsuits, has fired at Gensler for the agency’s actions against Coinbase, LBRY, and Ripple. The lawyer argues that the pursuit of the companies’ executives speaks volumes regarding an unhealthy regulatory framework that continues to set the industry back.
The SEC believes some digital assets are securities and therefore fall under its oversight. Because of this stance, the regulator has launched multiple lawsuits against the firms it believes are violating US securities laws.
Deaton hinged his criticism on a recent ruling that saw the SEC penalized $1.75 million due to misleading conduct in the Debt Box Case. In line with this lawsuit and the subsequent fine, Deaton and others in the crypto community say that the SEC’s actions are extremely aggressive not to mention financially crippling.
Deaton further narrowed his argument on the LBRY case in which a representative of the regulator was publicly quoted saying that the firm will be crippled with legal fees. This according to the attorney sets a precedent of bad faith and to a great extent, stifles innovation.
I am very proud of the fact that I was one of the very first people to battle @GaryGensler’s @SECGov, serving as amici curiae in the @Ripple, @LBRYcom and @coinbase cases. I sued the SEC on January 1, 2021 and for more than three years I argued lawyers at the SEC were… https://t.co/ssOgWzgGuK
— John E Deaton (@JohnEDeaton1) May 28, 2024
Deaton believes the crypto industry is under attack by bad leadership from regulators like the SEC.
In addition to demand for Gensler’s resignation, the lawyer recommended the former chair of the Commodity Futures and Trading Commission (CFTC), Chris Giancarlo take over.
XRP Price Prediction: Fighting For A Breakout
XRP price hovered below all three short-term Exponential Moving Averages (EMAS), including the 20-day, 50-day, and 200-day on the four-hour chart. Overhead pressure has continues to intensify after the token hit a wall at $0.54 last week.
Two key levels may determine if XRP price will see a bullish or bearish outcome. The first is the ascending channel’s lower support boundary and the buyer congestion at $0.52. Breaching these two levels would leave XRP defenseless and increase the chances of a correction to $0.5 and below.
The Relative Strength Index (RSI) backs the potential bearish outcome as it slides below 50. Should the drop continue, declines in XRP value will also intensify.
On the other hand, a breach of resistance at $0.54 would affirm the bulls’ growing presence in the market. Should XRP break free of resistance at $0.7, the path of least resistance will flip upward, paving the way for a larger move to $1.
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