In the ongoing legal battle between Ripple and the SEC, US Congressman Brad Sherman says Ripple doesn’t stand a chance. Sherman believes XRP is a security for the reasons outlined in the SEC’s lawsuit against payments giant Ripple. Meanwhile, investors remain wary of the court ruling and Fed policy. Analysts, on the other hand, predict that the decrease in the altcoin price will find support at $ 0.36.
Brad Sherman gives Ripple a chance in its battle with the SEC
cryptocoin.com As you follow, the US Securities and Exchange (SEC) argues that Ripple (XRP) should be considered a security. Sharing his views on this issue, US Congressman Brad Sherman said in an interview that he believes the SEC will prevail in its authoritative fight against Ripple. You see, Sherman believes XRP is a security. As such, he claims the payments giant doesn’t stand a chance against the regulator.
In its lawsuit against Ripple, the SEC claims that XRP is an unregistered security. In this context, the SEC accuses the company and two Ripple executives Brad Garlinghouse and Chris Larsen of raising $1.3 billion through the sale of XRP. By the way, it should be reminded that Brad Sherman is a complete crypto-money enemy. Congressional representative is pushing for a complete ban of cryptocurrencies. With this title, crypto is very popular on Twitter. Regarding the issue, Eleanor Terrett, Journalist and Producer at FOX Business, shared the following:
Rep. I asked Sherman why he thinks XRP is a security. He told me ‘for reasons outlined in the SEC’s filing. He also went on to explain that XRP investors trust Ripple’s efforts to boost the price. He later said that the proof that he was right came from crypto exchanges.
When I asked Rep. Sherman why he thinks $XRP is a security he told me "for the reasons set forth in the SEC's position" and went on to explain that XRP investors relied on @Ripple efforts to bump up the price. He then said the proof that he's right stems from the crypto exchanges https://t.co/D1fuwsIlZZ
— Eleanor Terrett (@EleanorTerrett) July 20, 2022
Investors remain cautious about altcoins
However, analysts have a bearish view on the altcoin price. Investors, on the other hand, prefer to be cautious due to the court decision and the Fed’s position. A crypto analyst nicknamed Grizzly notes that the bears are trying to prevent a move towards $0.39. XRP is currently below a resistance zone and as a result the bias is lower. Analysts at FXStreet, on the other hand, say that the XRP price will reverse its gains as the market structure weakens.
Ranked #6, XRP was trading at $0.3812 at press time, up 1.66% on a daily basis, according to CoinMarketCap data. The altcoin gained 1.98% on the weekly timeframe. However, XRP stands 90% off from its all-time high of $3.84.
