Ripple Lab Inc. CEO says the U.S. is lagging because of enforcement emphasis. The Judgment is expected this year and would affect the whole industry
Ripple (XRP) price dropped nearly 3% in the past 24 hours. The price is trading in the red as the market remains anxious from concerns over the financial health of Silvergate Bank, U.S based crypto bank.
As of press time, XRP/USD reads at $0.3678. However, for XRP investors there is a reason to be optimistic amid the negative news. In a recent interview, Ripple CEO Brad Garlinghouse said that U.S. Securities and Exchange Commission’s suit against Ripple Labs Inc. expects a decision on the case this year.
The main part remains his statement about the U.S. that it is falling behind other countries in its crypto regulation because of its crypto enforcement actions. As Ripple is preparing to assist central banks across 20 countries in their Central Bank Digital Currency (CBDC) rollout.
What is the backdrop of the dispute?
The SEC vs. Ripple conflict happened in 2020, the regulator reported that Ripple and its top personnel misguided XRP investors. The allegations were based on the arguments that they failed to register the digital asset as a security with no adequate disclosure.
In a reply, Ripple filed a motion in September seeking to dismiss the suit, arguing that XRP is not a traditional asset subject to SEC authority.
XRP price recovered sharply after testing the low of $0.35200. But the upside pressure remains intact in the asset. The RSI remains oversold a pullback toward $0.3747 is expected.
