Ripple CEO warns of consequences for the crypto industry if SEC wins lawsuit over XRP
XRP price remains muted for the second straight day near $0.3691 amid the ongoing SEC vs XRP lawsuit. In a recent development, Defense attorney James Filan shared judge Toress’s ruling. In his ruling, he granted and denied motions from both sides, and the Courts denied more SEC motions to exclude testimony that implied a better footing on the defendant’s side.
Both sides have been waiting for Judge Torres to rule on whether Ripple’s years-long selling of XRP unregistered securities offering.
Further, Ripple CEO Brad Garlinghouse made a warning that if the U.S. Securities and Exchange Commission (SEC) wins its lawsuit against him and his company over the sale of XRP then it would be harmful to the crypto industry.
XRP Price Action
At press time, XRP was trading down 0.40%. A subdued start of the day saw XRP join the extended sell-off for another day on Tuesday. XRP bull’s face pressure is near $0.3700 amid SEC vs Ripple chatter.
The daily RSI (14) trades below the average line with a neutral bias. If the selling pressure is sustained XRP price could further slide down. A fall through the session’s low XRP bear could test the first major support level at $0.3619. Further, another extended broad-based crypto sell-off, XRP could touch $0.3550.
A move beyond $0.3700 will bring into play the major resistance of $0.3775 into play.
