Ripple CEO Accuses SEC of Preferential Treatment Towards Ethereum
Estimated Reading Time: 3 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
CEO of Ripple (XRP) Brad Garlinghouse has laid some accusations against the US Securities and Exchange Commission over how it conducts its mandate and its approach towards Ethereum.
Speaking at the DC Fintech Week virtual conference yesterday, Garlinghouse argued that the regulator greenlighted Ethereum’s operations that enabled it to surpass XRP.
Since December 2020, the regulatory watchdog has hounded Ripple Labs through court filings over its alleged illegal XRP sale. A month after the lawsuit in December, the defendant filed a Freedom of Information Act request with the SEC on why it did not consider ETH a security as it did XRP. Fast-forward to July when a district judge allowed the blockchain company to depose a former senior SEC official who declared in 2018 that ETH was not a security.
Garlinghouse alleges a personal attack on his company amid a more lenient treatment of ETH by the SEC, which paved the way for Ethereum’s subsequent success. He added that:
“Within the last few years, XRP was the second most valuable digital asset. As it became clear the SEC had given a hall pass to ETH, ETH obviously has kind of exploded, and that clarity has helped.”
XRP held the number two position in the top crypto rankings as of December 2017. It has dropped to the seventh spot ever since, while Ethereum holds the number two spot.
Key Ripple Levels to Watch — October 22
XRP continues to battle bullish weakness under the $1.1500 level. Despite a solid bullish sentiment across the broader market, XRP still lacks the strength to secure meaningful bullish gains.
The seventh-largest cryptocurrency suffered another defeating blow yesterday following a retest of the $1.1500 resistance, which sent it below the $1.1000 support. That said, the cryptocurrency needs to secure a break above the descending trendline over the coming days to catch up with the rest of the market on an upward trajectory.
It is worth mentioning that the current XRP weakness stems from the ongoing lawsuit with the SEC.
Meanwhile, our resistance levels are $1.1500, $1.2000, and 1.2500, and our support levels are $1.1000, $1.0500, and $1.0000.
Total Market Capitalization: $2.60 trillion
Ripple Market Capitalization: $51.9 billion
Ripple Dominance: 1.99%
Market Rank: #7
