Although Ripple is different from the issuer, Ripple Labs recently made it clear that the regulator is attempting to pick winners and losers in the ferociously competitive crypto field.
By exempting Ethereum from its law, Bradley Garlinghouse and team argue, XRP has the same right to be a utility under the agency’s and U.S. laws.
Ripple Labs’ New Filing versus the SEC
In a recent court filing on Thursday last week, Ripple Labs argues that the SEC can’t regulate the coin because the token is a utility, center to the XRPL network.
Through the Ripple public ledger, XRP holders can quickly and cheaply move value without an intermediary.
The blockchain company said the SEC filing is based on overarching legal theory.
“The SEC’s filing, based on an overreaching legal theory, amounts to picking virtual currency winners and losers as the SEC has exempted Bitcoin and Ether from similar regulation.”
XRP Holders Laying out their Case
Globally, XRP holders can participate in the class-action lawsuit against the SEC, according to John Deaton.
Since XRP is a utility and the SEC is adamant, the more holders accuse the agency, the more solid Ripple’s case becomes.
Ripple Price Analysis
The Ripple price is stable on the last day, adding 15 percent week-to-date.
Changing hands at $0.46, the XRP/USD price remains in range mode, struggling to unwind losses of late February 2021.
From the daily chart, the XRP price is trading within a bear breakout pattern. Notice that prices are trending below the flexible line, the middle BB, and inside Feb 23’s bear candlestick.
Unless there is a sharp up-thrust above the middle BB and Feb 23, bears are in control from an Effort versus Results point of view. As of Mar 8, prices are trending inside the conspicuous bear bar with relatively low trading volumes.
If determined bulls take over, the first target will be Feb 2021 highs of $0.75 with a buy trigger at $0.65.
Conversely, losses below $0.35—in a bear trend continuation pattern, open up the XRP/USD price to $0.20 in the medium term.
Chart Courtesy of Trading View
Disclosure: Opinions Expressed Are Not Investment Advice. Do Your Research.
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