CFTC Commissioner Meets With Ripple CEO Brad Garlinghouse

September 21, 2022 10:40 pm

Most recently, the CFTC Commissioner Carolin Pham met with Ripple CEO Brad Garlinghouse as part of a learning tour that focuses on the crypto and blockchain industry.

As a result of the visit, it seems that it may have also influenced the overall market sentiment of XRP as the price of the digital asset had rallied around 10% overnight.

Of course, this could also be attributed to the recent news that the lawsuit will soon have an anticipated outcome that will favor Ripple.

Ripple’s interactions with US regulators such as the CFTC will be essential for determining how XRP will be treated within the US so this visit could have been a key milestone for the company.

FXStreet reports:

Pham tweeted about her visit and said it was a part of a “learning tour” involving crypto and blockchain. Garlinghouse announced the visit was a part of a “public-private engagement,” wherein payment giant Ripple engaged with US regulators.

Crypto proponents have repeatedly argued that CFTC is the regulatory authority for law enforcement in digital assets and cryptocurrencies. Despite the SEC’s regulation by enforcement, CFTC is the body that sets frameworks to regulate digital assets.

Pham’s visit and her interaction with Brad Garlinghouse is, therefore, key to XRP holders’ sentiment and the stand of crypto regulation and law enforcement on payment giant Ripple.

The timing of Pham’s visit is key since it comes soon after the SEC and Ripple filed motions for summary judgment in the SEC v. Ripple case. The case has been ongoing since December 2020, and the regulator has accused Ripple and executives of violating securities laws through the sale of XRP tokens.

The outcome of the lawsuit has still not been revealed even though both parties have submitted for summary judgements.

Once the outcome is revealed, it is expected that it will have a massive influence on XRP as Ripple is still one of the largest investors of the digital asset.

So far, the XRP is on a bullish rally where it has achieved 10% gains overnight and has already recouped most of its previous loss.

Overall, analysts are predicting that XRP will rally 50% due to the strong bullish indicators that have been met recently.

FXStreet concludes:

XRP price wiped out its losses and started an uptrend. The altcoin has posted 10% gains overnight, and analysts have identified bullish signals in the XRP price chart.

Akash Girimath, a technical analyst at FXStreet, argues that a decisive flip of $0.381 will kick-start a 15% rally in XRP price. Girimath has set a target of $0.439 for XRP price after the altcoin breaks past the $0.381 hurdle.

The analyst presented a big-picture outlook and said the XRP price has hovered inside an ascending triangle setup; the altcoin has produced higher lows and equal highs since June 10. The analyst’s bullish outlook on XRP noted a triple tap setup formation.

Based on this bottom reversal setup, a flip of the $0.331 to $0.464 range’s midpoint at $0.397 will trigger the next leg-up in XRP. The next set of bullish targets is the resistance box between $0.561 to $0.596 if the XRP price trend maintains its momentum.

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