- XRP is trading at $0.5169 on Monday, with prices little changed from the day before.
- Former SEC enforcement attorney Ladan Stewart has criticized the agency and the Biden administration’s approach to crypto regulation.
- Stewart says while some people are interested in working with the regulator, they feel it’s not possible.
Ripple (XRP) holds above $0.5100 on Monday. The XRP Ledger’s native token noted no significant price changes for the day.
Former SEC attorney Ladan Stewart shared her thoughts on crypto regulation, the agency’s approach, and her experience on both the industry and regulator side, according to a tweet from the Fox Business reporter Eleanor Terret on X.
Daily Digest Market Movers: XRP Stuck at $0.5136, Former SEC Attorney 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 a few factors influencing the altcoin’s price on Monday.
- Attorney Ladan Stewart, a former SEC lawyer with experience in the crypto sector, commented on the regulator’s approach to crypto.
- Stewart noted that there are people in the crypto industry who “really want to find a way to work with regulators, and they feel like that’s just not possible, given that you know who is the head of the SEC or generally the Biden administration.” “I think it’s just unfortunate, and it hinders any effort to achieve some regulatory clarity or anything that allows us to work on building this industry,” Stewart added. Richard Levin, an attorney at 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 reporter Eleanor Terrett.
- The lawyer’s stance on crypto regulation comes at an interesting time for Ripple when the SEC has appealed the final decision of the lawsuit and the money transfer company has filed its cross-appeal. Find more details about the cross-appeal here.
Technical analysis: XRP could fall by 7%
XRP has been in a downtrend since its March 11 high at $0.7440. The altcoin could sweep liquidity at $0.4780, which represents the lower limit of the fair value gap (FVG) and the July 12 high. The Moving Average Convergence Divergence (MACD) indicator flashes red histogram bars below the neutral line, signaling 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 altcoin’s bearish thesis.
