Full crypto regulation would not happen anytime soon, according to Ripple’s lawyer.
XRP’s technical outlook showed that the token’s movement could end in consolidation.
It is no longer a new development Ripple [XRP] problem with the US SEC could get a solution in the first or second quarter from 2023. As the time approaches, the blockchain payments company is gaining support for its anticipated triumph.
How many 1,10,100 XRPs worth today?
Regulations in the mud?
In a related development, John E. Deaton noted that the SEC’s action meant the US could fall behind in crypto innovation.
Additionally, the blockchain enthusiast and XRP advocate said the regulator’s hopes of full regulation may not come to pass anytime soon, as he echoed, “CRYPTO REGULATION IS NOT COMING!” pronunciation. He also figured that the industry’s first notable enforcement could be around 2025.
While sticking to his opinion, Deaton said he cared less if people thought he was fighting a losing battle. he tweeted,
“People have told me I am probably fighting a losing battle. Maybe I am. But what else do we do? We have to fight all these court battles because clarity through legislation is NOT coming.
In response to the growing support Ripple received, John Reed Stark said the company was exaggerating the regulator’s policies. In his LinkedIn message on the same day, the former SEC official said crypto lobbyists were making dismissive attempts to win sympathy. Stark described it as utter nonsense and referred to the SEC as a principles-based organization:
“Not a day goes by without a crypto promoter or shill disdaining the SEC’s dangerous practice of RBE”
XRP on the consolidation radar
Meanwhile, XRP has just delivered a stellar performance after its initial two-week rally in 2023. Over the past seven days, the token has appreciated by 3.03%, CoinMarketCap Data revealed.
Read of ripple [XRP] Price prediction for 2023-2024
However, the daily chart indicated that XRP was close to overbought territory. At the time of going to press, the Relative Strength Index (RSI) was 65.32. As this RSI tended towards an overbought zone, XRP could reverse from the greens.
As for the Directional Movement Index (DMI), neither the positive (green) nor the negative (red) had complete control over the market. The Average Directional Index (ADX) moved in a similar direction. Hence, XRP could end up in near-term consolidation later on.
This post Why Could Ripple’s Predicted Victory Be SEC Regulatory Undo?
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