Ripple CLO Points to Regulatory Gap in Cryptocurrency Regulation as XRP Falls to $0.58
XRP erased 1.16% of its value on Friday, slipping to $0.5800. Ripple Chief Legal Officer Stuart Alderoty acknowledged the loss in the lawsuit against the SEC and highlighted regulatory gaps in the crypto industry. Alderoty has been critical of SEC Chair Gary Gensler’s approach to crypto regulation multiple times.
Daily digest market movers: Ripple CLO shares comments on SEC loss in lawsuit, crypto regulation
In a recent tweet, Ripple CLO Stuart Alderoty criticized Professor Lee Reiners for his pro-SEC stance in Congress. Alderoty praised Reiners for acknowledging the SEC’s loss in the Ripple case and recognizing regulatory gaps in the spot trading market for cryptocurrencies. He emphasized the need for Congress to address this gap and argued that securities laws cannot rely on a decentralization threshold. Alderoty also commented on using Hinman’s test to determine if a contract or asset is a security. Additionally, he questioned Gensler’s approach to crypto regulation, suggesting that it may change with new leadership at the SEC.
Technical analysis: XRP eyes 7% gains
XRP is currently trading around $0.5800 and could potentially see a 7.35% increase, rallying to $0.6217 in the XRP/USDT daily chart. The Moving Average Convergence Divergence (MACD) indicator indicates positive momentum in the XRP price trend, with green histogram bars above the neutral line.
XRP/USDT daily chart
If the bullish thesis is invalidated, XRP could find support in the Fair Value Gap between $0.5188 and $0.5785. The September 16 low of $0.5598 may serve as a key support level for the XRP Ledger’s native token.
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