Ripple (XRP) executive Brad Garlinghouse is making headlines for his statement on Securities and Exchange Commission (SEC) Gary GenslerÂ’s remarks on crypto. Gensler said crypto is a field where either the executives are in jail or awaiting extradition.Â
Garlinghouse slammed the SEC ChairÂ’s statement in a recent tweet on X. The Ripple CEO has faced a lawsuit in California that is set to go to trial for his “misleading statements” in an interview in 2017.Â
XRP is struggling under $0.48, the altcoin is trading at $0.4723, down 0.69% on Wednesday.Â
Absolute nonsense coming from @GaryGensler today.
And this slander about “all crypto execs going to jail” from the man who completely missed FTX (and actually cozied up to SBF), and wasn’t even invited to the DOJ announcement about Binance.
If he was really “working for the… https://t.co/c3ynB5Gncl
— Brad Garlinghouse (@bgarlinghouse) June 25, 2024
Ripple is stuck under resistance at $0.48 for the sixth consecutive day, as seen on the daily chart. The altcoin has failed to break above the 23.6% Fibonacci retracement of its decline from the March 11 top of $0.7440 to the April 13 low of $0.4188, at $0.4955.Â
The closest support is the June 7 low of $0.4508, 5% below the current price level. The closest resistance lies at the Fair Value Gap, between $0.4825 and $0.4841.Â
The Moving Average Convergence Divergence (MACD) indicator is flashing red histogram bars under the neutral line, and the signal line has crossed above MACD. This reveals an underlying negative momentum in RippleÂ’s price trend.Â
XRP/USDT daily chartÂ
A daily candlestick close above $0.4955 could invalidate the bearish thesis and erase the recent losses, 3.28% in the past seven days. The altcoin could then rally towards the closest resistance at $0.4825.Â
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