Ripple CEO Brad Garlinghouse slams SEC Gary Gensler for his remarks on crypto, XRP extends losses


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  • Ripple CEO Brad Garlinghouse criticized SEC Chair Gensler for his statement that all crypto executives go to jail. 
  • Gensler shared his thoughts on crypto regulation and the sectorÂ’s role in the US Presidential election in a Bloomberg interview. 
  • XRP is struggling to break above resistance at $0.48 early on Wednesday. 

Ripple (XRP) executive Brad Garlinghouse is making headlines for his statement on Securities and Exchange Commission (SEC) Gary Gensler’s remarks on crypto. Gensler said crypto is a field where either the executives are in jail or awaiting extradition. 

Garlinghouse slammed the SEC Chair’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. 

XRP is struggling under $0.48, the altcoin is trading at $0.4723, down 0.69% on Wednesday. 

Daily digest market movers: Ripple CEO condemns Chair GenslerÂ’s statements on crypto

  • Ripple CEO Brad Garlinghouse was recently in the news for a California state lawsuit against the executive that went to trial. Garlinghouse allegedly made “misleading statements,” saying he is bullish on XRP while selling millions of tokens at the same time. 
  • Garlinghouse is making headlines this time for his response to Gary GenslerÂ’s remarks in a Bloomberg interview. 
  • The SEC Chair said in the interview that, “This (crypto) is a field where the leading lights from a couple of years ago are either in jail, about to go to jail, or awaiting extradition.”
  • Garlinghouse slammed the comments in a recent tweet on X:
  • The SECÂ’s lawsuit against Ripple dates back to 2020, making it evident why the executive and the agency chair donÂ’t see eye to eye on the industry. 
  • The ongoing lawsuit and the executiveÂ’s comments are the market movers on Wednesday. 
  • XRP is struggling to break past the sticky resistance at $0.48 this week.

Technical analysis: XRP stuck under resistance at $0.48

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. 

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. 

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 Ripple’s price trend. 
Ripple

XRP/USDT daily chart 

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. 

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