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Highlights
- Garlinghouse welcomes the idea of a Ripple ETF.
- XRP price retests $0.54 support as liquidity at $0.58 triggers minor sell-off.
- Traders watch out for the 200-day EMA flip into support to validate potential breakout above $1.
XRP Price Bull Run: The CEO of Ripple Brad Garlinghouse has criticized the Securities and Exchange Commission (SEC), saying that the agency has lost multiple lawsuits with Ripple winning the majority of the core issues in the ongoing court battle.
Garlinghouse’s comments come after the successful rollout of Bitcoin ETFs in the US.
XRP price continues with the retreat from February’s peak at $0.58, down more than 5% on the day to $0.538.
Garlinghouse Defends Ripple, Ignites Buzz On Potential ETF
Ripple partially won the lawsuit against the SEC in July, when Judge Analisa Torres ruled that XRP is not to be considered a security, particularly in the secondary market.
According to Garlinghouse who was speaking in an interview at Bloomberg TV, the SEC has a history of losing cases, highlighting Coinbase, Ripple, and Grayscale.
In a swift turn of events, the Ripple executive welcomed the idea of a Ripple ETF, implying that it is possible, especially with the first spot Bitcoin ETFs trading in the US.
The shift to a Ripple ETF caught the crypto community’s attention, which has been mulling over the possibility of a spot Ethereum ETF. Garlinghouse also talked about the need to spearhead crypto regulation.
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XRP Price Prediction: Are Traders Ready To Buy The Dip
XRP price sustained an uptrend before last week, topping at $0.58 on Friday. The cross-border money remittance token experienced the first flash drop to $0.54 but due to the support highlighted by the 50-day Exponential Moving Average (EMA), it rebounded, albeit briefly to $0.5735.
As Bitcoin stalled due to an important resistance at $53,000 this week, XRP price fell victim to another sell-off round such that it is testing the same support at $0.54 toward the end of the European session on Wednesday.
Intraday traders would be on the lookout for acceptance above the dotted trendline, which coincides with the 200-day EMA (the purple line on the chart) to confirm the beginning of another trend reversal.
The sell signal in the Moving Average Convergence Divergence (MACD) indicator warns against scooping the current dips, at least until the 200-day EMA resistance is flipped.
However, if more traders choose to dwell on shorting XRP, a drop to the lower trendline impends.
Long-term holders may find this drop to $0.54, $0.52 (the lower trend line), and even to $0.5, a chance to dollar-cost average backed by the possibility of Ripple winning the lawsuit and an ETF after that.
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