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In a scathing critique of the Securities and Exchange Commission’s (SEC) current actions in opposition to the cryptocurrency business, Ripple Chair Executive Officer (CEO) Brad Garlinghouse has accused the SEC Chair Gary Gensler of “hypocrisy” and “desperation”.

In a statement launched on Twitter, Garlinghouse referred to as Gensler’s claims to be “pro-innovation” laughable, arguing that the company’s current lawsuits in opposition to Ripple and different corporations are merely a distraction from their inside struggles.

Ripple CEO Claps Back At SEC Chair

Garlinghouse went on to criticize Gensler as an “unelected bureaucrat” who’s flailing to masks the truth that he and his company lack the ability they so desperately crave. He instructed that the SEC’s crackdown on the crypto business is misguided and finally dangerous to innovation.

Furthermore, Ripple CEO Garlinghouse criticizes Gensler for attempting to exert energy that he doesn’t possess and means that the company’s actions are finally futile. 

On the identical word, according to Yassin Mobarak, founding father of enterprise capital agency Dizer Capital, the SEC’s aggressive strategy could also be an try to forestall a precedent-setting ruling in opposition to them within the Ripple case.

Mobarak means that the SEC could also be expediting their assault plans to isolate any potential losses within the Ripple case and declare that they’re particular to the information and circumstances of that case, relatively than relevant to the complete cryptocurrency business. This would allow the SEC to keep away from setting a precedent that might have unfavourable implications for the business as a complete.

These feedback replicate the rising pressure between the SEC and the cryptocurrency business, with many corporations feeling unfairly focused by the company’s regulatory actions. The current lawsuits in opposition to Ripple, Coinbase, and Binance have raised questions concerning the legitimacy of the SEC’s claims and the impression of their actions on the broader business.

XRP Price Shows Resilience Amid Regulatory Uncertainty

XRP has had a tumultuous few weeks as elevated regulatory scrutiny has put strain on the complete crypto business. After reaching a key degree of $0.500 on May 30, XRP misplaced a few of its momentum amid uncertainty about the way forward for the business. However, the market has proven resilience, and XRP has managed to breach the $0.500 degree as soon as once more.

As of the time of writing, XRP is buying and selling at $0.5285, up 3% within the final 24 hours. This means that traders stay optimistic concerning the long-term prospects of the cryptocurrency, regardless of the challenges posed by regulatory uncertainty.

What’s extra, according to the crypto analyst Egrag Crypto, XRP is nearing what he calls the “twilight zone” with a ‘W’ formation, which has a number of measured targets.

The non-logarithmic ‘W’ formation measured goal is between $0.75-$0.85 cents, whereas the logarithmic ‘W’ formation measured goal is between $1.00-$1.20. Additionally, the symmetrical triangle full ship break-out goal is round $5.5, whereas the Fib 1.618 goal is at $6.4, which might signify an uptrend of over 1000%

However, regardless of these potential value targets, Egrag Crypto additionally warns of an final shakeout, which may doubtlessly retest the lows seen in June. 

Featured picture from iStock, chart from TradingView.com