Investing.com – has benefited significantly of late as the latest developments argue in favor of Judge Analisa Torres not finding that XRP is a security as claimed by the US Securities and Exchange Commission (SEC) .
Jurisprudence is far from having an easy task in this particular case, because according to Ripple CEO Brad Garlinghouse, there is a lack of a clear legal basis, which the SEC according to him is shamelessly taking advantage of. SEC Chairman Gensler does not want to hear about a lack of legal basis, quite the contrary.
Recently, after a hearing before the House Budget Committee, he said that the cryptocurrency market can be regulated by existing securities laws. Congress could certainly provide additional clarity in certain areas, but there is no need to create a new authority that would only deal with the cryptocurrency market.
From the perspective of the CEO of Ripple, this is an enormity. In the United States, the entire crypto industry suffers from the lack of clear legal foundations. Now, this is precisely what is urgently needed, because the absence of appropriate case law ultimately means that only Gensler’s personal judgment is decisive as to when the criteria for qualification as title are met.
This view was confirmed by Judge Michael E. Wiles, who had to rule on the appeal of the SEC when the authority tried to prevent the takeover of Voyager Digital by Binance.US. The SEC argued that Binance.US may be an unregistered securities platform and that the Voyager token is potentially a security.
Judge Wiles dismissed the appeal on the grounds that the SEC could not provide a clear basis for determining whether a cryptocurrency is a security.
According to Garlinghouse, Gensler uses the apparent legislative vacuum as a source of power, in order to best position himself as an autocrat and to maintain this rank.
Ripple price technical benchmarks
Currently, Ripple is recording a loss of 0.72% for a price of 0.5339 dollars, while the weekly gain amounts to 23.71%. The cryptocurrency is thus the only one of the Top20 to show a significant weekly increase.
On the 4-hour chart, it can be seen that the 23.6 percent Fibo retracement of $0.5267 continues to offer good support. Only if this is lost on the day’s close should an extension of the downside correction be expected towards the psychological mark of $0.5000 and the 38.2% Fibo retracement of 0. .4925 dollars.
Until that happens, a test of the $0.5820 high could occur at any time. Beyond that, the room would increase for an extension of gains towards the psychological level of $0.6000 and the 123.6 percent expansion of $0.6372.
By Marco Oehrl