XRP’s price is on the rise, with analysts pointing to a potential bullish breakout. This comes as Ripple’s CEO Brad Garlinghouse takes a stand against SEC Chairman Gary Gensler’s approach to crypto regulation.
According to CoinMarketCap, XRP is trading at $0.46411, up 4.25% in the last 24 hours and 15% over the past week. The cryptocurrency currently ranks 7th by market cap at $25 billion, with a 24-hour trading volume of $1 billion.
Analyst World Of Charts on X suggests XRP may be poised for a significant upswing. The analyst cited a “falling wedge” pattern that could lead to a 55-60% bullish wave if a breakout occurs. Moreover, crypto trader Teshkid echoes this sentiment. He noted that XRP has flipped the $0.449 resistance into support, with potential targets at $0.51156.
Well, the recent price action coincides with Ripple CEO Brad Garlinghouse’s participation in a crucial crypto roundtable organized by Democratic Congressman Ro Khanna on July 10. The meeting included notable figures like Mark Cuban and representatives from Coinbase and Circle. It aimed to discuss the future of U.S. cryptocurrency regulations.
Ripple (XRP) CEO’s stand against SEC chairman
Garlinghouse didn’t mince words, criticizing SEC Chairman Gary Gensler’s approach to crypto regulation. He labeled Gensler a “Luddite” and decried what he called an “unlawful war on crypto.” Additionally, the Ripple CEO expressed frustration with many Democrats’ continued support for Gensler’s policies, suggesting this stance has pushed the Republican Party to adopt a more pro-crypto position.
However, the timing of this roundtable holds great value for Ripple, which has been in a legal dispute with the SEC for almost four years. Recently, Ripple submitted a Notice of Supplementary Authority in its case, aiming to capitalize on the precedent established in the Binance ruling. Nonetheless, the SEC contends that the cases lack similarities.
XRP supporters are hopeful about the potential impact of the upcoming elections on cryptocurrency regulations. A government favorable to crypto could introduce policies that benefit the entire industry.
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