July 15, 2024
Altcoins News

Ripple Holders Await SEC Decision Post-Ethereum Ruling

Ripple (XRP) holders debated the future of the altcoin on Thursday, hoping for favorable action from the US Securities and Exchange Commission (SEC). This follows the SEC’s decision to end its investigation into Ethereum (ETH), which was announced by Consensys founder Joseph Lubin on Wednesday.

The XRP community saw a slight uptick in XRP prices on Thursday, reflecting hopes that the US regulator might extend similar leniency to Ripple. The SEC’s decision to drop the Ethereum investigation was criticized by pro-Ripple attorney Bill Morgan. He argued that the different treatment of Ethereum and Ripple highlights the SEC’s arbitrary stance on cryptocurrencies.

Ripple Community Questions SEC’s Consistency

XRP community members on X (formerly Twitter) are actively debating whether the SEC will handle Ripple similarly to Ethereum. Prominent trader @XRPcryptowolf questioned why the SEC withdrew its lawsuit against Ethereum Consensys but not against Ripple.

Ripple’s Chief Legal Officer, Stuart Alderoty, also raised concerns about the SEC’s approach. He pointed out that while the decision is a win for Ethereum developer Consensys, many questions remain unanswered. These include whether the SEC considers Consensys’ offers and sales of ETH as non-securities transactions and what this implies for other Ethereum-related activities like MetaMask and staking.

Crypto analyst and influencer @CryptoWendyO echoed these concerns. She questioned why Ripple faces legal trouble with the SEC while Ethereum does not.

Technical Analysis: XRP Gains Amidst Regulatory Uncertainty

XRP gained nearly 1% on Thursday, trading at $0.4963 on Binance at the time of writing. The altcoin has gained nearly 1% over the past seven days but has seen a near 8% decline over the past 30 days.

Technical indicators show a bullish trend for XRP. The Moving Average Convergence Divergence (MACD) line has crossed over the signal line, with green histogram bars appearing above the neutral line. This suggests a potential rally towards the resistance level of $0.5326, aligning with the June 5 high.

XRP/USDT 1-day chart. Source: TradingView

Conversely, if Ripple closes below $0.4665, the April 19 low, it could negate the bullish outlook. The next support level could be at the June 7 low of $0.4508.

While the crypto community awaits the SEC’s next move, Ripple holders remain cautiously optimistic. They are hoping for a resolution that mirrors the recent Ethereum decision.

Image from GoodFon

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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