- Ripple community expresses discontent over perceived favoritism towards Ethereum by the SEC.
- This perception has fueled calls for legal action against the regulatory body.
- XRP Coin is projected to experience significant price increases in USD and BTC markets in 2024, according to Amonyx.
Discover the ongoing debate in the crypto world as Ripple enthusiasts accuse the SEC of biased treatment, while anticipating a bullish trend for XRP Coin in 2024.
Ripple Community Criticizes SEC for Favoritism Towards Ethereum
The Ripple community has voiced strong complaints against the U.S. Securities and Exchange Commission (SEC), accusing the regulatory body of showing favoritism towards Ethereum. This sentiment has intensified, leading to calls for legal action against the SEC. The perceived unequal treatment stems from the SEC’s decision to drop its lawsuit questioning Ethereum’s security status shortly after approving an Ethereum ETF. This move has starkly contrasted the continuing legal battles faced by Ripple, thus highlighting regulatory inconsistencies.
Accusations of ‘ETHGATE’ by Prominent XRP Supporters
Bill Morgan, a well-known advocate for the XRP community, has been particularly vocal about the perceived inequality. He argues that the SEC’s decision to give Ethereum a “second pass” nearly six years after the influential Hinman speech—where it was declared that Ethereum is not a security—represents a symbol of the SEC’s inconsistent regulatory approach. This issue has not only incited anger among XRP supporters but has also led to the term “ETHGATE” being coined.
Digital Asset Investor, another vocal analyst, describes the SEC’s actions as criminal. He advocates for Ripple executives Brad Garlinghouse and Chris Larsen to take legal action against the SEC, while highlighting the financial burden borne by Ripple over the past three years, which it estimates to exceed 100 million dollars.
Technical Analysis Predicts Bullish Trend for XRP Coin
Crypto analysis firm Amonyx has released a technical assessment predicting a bullish trajectory for XRP Coin in the coming year. Amonyx forecasts significant price surges for XRP against both USD and Bitcoin. The long-term ascending channel in the XRP/USD chart, ongoing since 2014, indicates consistent oscillation within upper and lower parallel lines.
The projected price movement points towards a potential rise to the 2.618 Fibonacci level, suggesting a substantial price increase around 2024. Similarly, the XRP/BTC chart indicates a projected rise towards the 1.618 Fibonacci level, affirming the bullish outlook for XRP in comparison to Bitcoin and aligning with the forecasted USD valuation growth.
Meeting Market Demand with RLUSD
Ripple recently announced the official launch of RLUSD, a new stablecoin usable on both the XRP Ledger and Ethereum Blockchain. This move, revealed by Ripple CTO David Schwartz, is positioned to meet the escalating demand for stable digital assets. The introduction of RLUSD also aims to leverage Ripple’s expertise in cross-border payments, adding strategic value.
The clarity provided by Ripple’s confirmation of RLUSD’s launch platforms resolves previous uncertainties and is crucial for investors and stakeholders seeking direction in Ripple’s stablecoin strategy.
Conclusion
The ongoing debate over the SEC’s perceived favoritism towards Ethereum has stirred significant unrest within the Ripple community. As accusations of regulatory inconsistency and calls for legal action mount, the future of XRP remains under keen observation. However, technical analyses predict a promising upward trend for XRP in the coming year, providing a potential silver lining for investors. Ripple’s strategic move to introduce the RLUSD stablecoin also signifies its efforts to adapt and thrive amidst these controversies.
