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Ripple (XRP) Goes Wild After Garlinghouse Openly Mocks The SEC

Ripple (XRP) Goes Wild After Garlinghouse Openly Mocks The SEC

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Ripple (XRP) is back in the spotlight as its price surged over 31% in the last 24 hours to reach $0.55.

The price move, which pushed XRP’s market cap to nearly $25 billion and the sixth largest among cryptos by market capitalization, was triggered by comments from Ripple Labs CEO Brad Garlinghouse at the US Securities and Exchange Commission (SEC).

Brad Garlinghouse scoffs at the SEC

The CEO of Ripple went to live on Fox Business TV Thursday night to discuss updates on the protracted legal battle with the regulator.

The SEC vs Ripple case may soon be settled if a federal judge rules that Ripple Labs has not violated federal securities laws. Both sides filed motions for summary judgment earlier this week, seeking to end the lawsuit without a jury trial.

“In our opinion [the judge] he has the information to make a decision. We think it’s very clear that the SEC is overstepping its authority,” Garlinghouse noted, before saying “the SEC has lost its way.”

The CEO of Ripple Labs went on the air, saying the SEC is “a cuckoo in a cocoa suit.” This is a catchy phrase attributed to a cartoon character that usually refers to something absurd.

“I said on stage yesterday that I think the SEC is a ‘cuckoo in a cocoa suit,’” Garlinghouse told the Fox Business audience of 80 million.

The price of XRP immediately reacted to Garlinghouse’s comments, jumping nearly 12% to $0.5411 within an hour of the interview’s publication. the crypto later peaked at $0.5523, a level not reached since early May 2022.

What else is driving the price of Ripple (XRP)?

The XRP rally also coincided with a rise in Bitcoin (BTC), with the leading cryptocurrency rising approx 6% during the same period. As BTC is the dominant asset in the crypto space, its price direction carries significant weight in the industry and has influence over the Bitcoin-mimicking Altcoin market.

Finally, on Monday, September 19, Ripple (XRP) managed to breach the critical $0.38 weekly resistance level. Optimism about the ongoing trial strengthened, pushed XRP up $0.50 resistance level.

XRP has seen a steady rise in value since September 16th, rising over 66% in the past 7 days in response to increased belief in a possible resolution of the SEC vs Ripple lawsuit.

Ripple (XRP) remains 85% below its all-time high of $3.40 set in early 2018. If the company wins its legal battle with the SEC, the price of XRP is expected to rise, with Ripple’s ongoing lawsuit with the regulator representing one of the biggest factors weighing down its price.

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