- XRP trades at $0.5169 on Monday, with prices little moved compared with the previous day.
- Former SEC enforcement lawyer Ladan Stewart criticized the agency and the Biden administration’s approach to crypto regulation.
- Stewart says that even though there are people interested in working with the regulator, they feel it is not possible.
Ripple (XRP) holds steady above $0.5100 on Monday. The native token of the XRP Ledger noted no significant price change for the day.
Former SEC lawyer Ladan Stewart shared her thoughts on crypto regulation, the agency’s approach and her experience being on both the industry and the regulator’s side, according to a tweet by Fox Business journalist Eleanor Terret on X
Daily Digest Market Movers: XRP stuck at $0.5136, former SEC lawyer comments on crypto regulation
- XRP has been range-bound this month, fluctuating between$0.6342 and $0.4860. At the time of writing, the altcoin is trading at $0.5136.
- The Securities and Exchange Commission’s (SEC) lawsuit against Ripple and the agency’s approach to crypto regulation are some factors that influence the altcoin’s price on Monday.
- Attorney Ladan Stewart, a former SEC lawyer with experience in the crypto industry, commented on the regulator’s approach to crypto.
- Stewart noted that there are people on the crypto industrywho “really want to find a way to work with regulators, and they feel like that’s just not possible, given you know who is at the helm of the SEC or generally the Biden administration.” “I think it’s just unfortunate, and it gets in the way of any effort toward reaching some regulatory clarity or anything that allows us to work toward building this industry,” added Stewart. Richard Levin, an attorney from Nelson Mullins, was asked what the most impactful change in America for crypto could be. He responded: “I would push the SEC to actually comply with the Administrative Procedure Act,” according to Fox Business journalist Eleanor Terrett.
- The lawyer’s stance on crypto regulation comes at an interesting time for Ripple when the SEC appealed the final ruling in the lawsuit and the payment remittance firm filed its cross-appeal. Find more details about the cross-appeal here.
Technical analysis: XRP could decline 7%
XRP has been in a downward trend since its March 11 high of $0.7440. The altcoin could sweep liquidity at $0.4780, which represents the lower boundary of a Fair Value Gap (FVG) and the July 12 high. The Moving Average Convergence Divergence (MACD) indicator flashes red histogram bars under the neutral line, signaling a negative underlying momentum in the XRP price trend.
XRP/USDT daily chart
If XRP sees a daily candlestick above resistance at $0.5666, it could invalidate the bearish thesis for the altcoin.
Crypto ETF FAQs
An Exchange-Traded Fund (ETF) is an investment vehicle or an index that tracks the price of an underlying asset. ETFs can not only track a single asset, but a group of assets and sectors. For example, a Bitcoin ETF tracks Bitcoin’s price. ETF is a tool used by investors to gain exposure to a certain asset.
Yes. The first Bitcoin futures ETF in the US was approved by the US Securities & Exchange Commission in October 2021. A total of seven Bitcoin futures ETFs have been approved, with more than 20 still waiting for the regulator’s permission. The SEC says that the cryptocurrency industry is new and subject to manipulation, which is why it has been delaying crypto-related futures ETFs for the last few years.
Yes. The SEC approved in January 2024 the listing and trading of several Bitcoin spot Exchange-Traded Funds, opening the door to institutional capital and mainstream investors to trade the main crypto currency. The decision was hailed by the industry as a game changer.
The main advantage of crypto ETFs is the possibility of gaining exposure to a cryptocurrency without ownership, reducing the risk and cost of holding the asset. Other pros are a lower learning curve and higher security for investors since ETFs take charge of securing the underlying asset holdings. As for the main drawbacks, the main one is that as an investor you can’t have direct ownership of the asset, or, as they say in crypto, “not your keys, not your coins.” Other disadvantages are higher costs associated with holding crypto since ETFs charge fees for active management. Finally, even though investing in ETFs reduces the risk of holding an asset, price swings in the underlying cryptocurrency are likely to be reflected in the investment vehicle too.
