Bitcoin, Ethereum and XRP Forecast Video for 01.09.23 by Tim Smith
Ripple Labs’ CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty have unleashed scathing criticism against the U.S. Securities and Exchange Commission (SEC) in the wake of a significant court victory. The District of Columbia Court of Appeals recently ruled in favor of Grayscale Investments, compelling the SEC to review its decision regarding Grayscale’s spot Bitcoin exchange-traded fund (ETF) application.
Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
The two Ripple executives capitalized on the moment to lambast the SEC’s recent track record. Alderoty took to X, formally known as Twitter, stating that the SEC was “being battered in court.” In addition, he highlighted the court’s negative assessment of the SEC’s actions, including accusations of hypocrisy and a lack of faithful adherence to the law. Alderoty further noted that the SEC was fined for “discovery abuses.”
Garlinghouse Weighs In
Garlinghouse echoed Alderoty’s sentiment, remarking on the recent spate of legal victories against the SEC, which he referred to as a “Summer of Justice.” Moreover, the Ripple CEO expressed disappointment at the necessity of legal action to challenge the SEC’s decisions, describing the securities watchdog as “consistently WRONG on the facts and the law.”
Ripple’s own legal battle with the SEC, which has played out for more than two years, recently saw a New York judge issue a summary judgment in the blockchain payment company’s favor. Nonetheless, the case remains far from resolved, with the SEC planning to appeal parts of the ruling. Ripple’s executives have consistently criticized the SEC’s approach to crypto regulation, arguing that enforcement has taken precedence over clear legal guidelines.
Importantly, these ongoing legal battles highlight the uncertainty surrounding the regulation of digital assets and their ability to influence investor sentiment toward leading cryptocurrencies, such as XRP (XRP), Bitcoin (BTC), and Ethereum (ETH). Additionally, below we use technical analysis to identify important trading levels on the charts.
Technical Analysis: XRP, Bitcoin and Ethereum
XRP
After breaking out above the top trendline of a symmetrical triangle on decent volume, XRP’s price has retraced to the 50 SMA. Providing the indicator acts as support at these levels, bulls may have the confidence to drive price back above crucial resistance at $0.545 and make a run towards the 200 SMA around 0.61. Alternatively, a breakdown here could see bears try and claw a move down to longer-term support at $0.42.
Bitcoin
Bitcoin’s price has staged an impressive breakout from a five-day trading range. Importantly, reasonable trading volume accompanied the move, increasing the likelihood of follow-through buying. A successful retest of the previous trading range could see bulls initially target the $28,000. They may then possibly test overhead resistance at $29,000. However, a breakdown below the range’s top trendline could trigger a fall to support at the psychological $25,000 level.
Ethereum
Ethereum’s price has broken above a symmetrical triangle with profit takers locking in gains after the initial move higher. Moreover, the breakout occurred on above-average volume, indicating buyer conviction. Further upside could see bulls test important overhead resistance at $1,757, followed by a possible run towards the $1,820 level. Conversely, a failure to hold above the 50 SMA could see bears reclaim control, which could spark falls to major support around $1,475.
Chat now!
Add a Comment