XRP price may surge, Ripple CTO questions SEC on Ethereum

The cryptocurrency XRP exhibits signs of a potential price surge, attributed to increased accumulations by large-scale holders, known colloquially as “whales.” Concurrently, Ripple’s Chief Technology Officer (CTO), David Schwartz, is challenging the U.S. Securities and Exchange Commission (SEC) over its unclear stance on Ethereum.

Schwartz recently posed a provocative question to the SEC, inquiring if the commission believes Ethereum traders are essentially dealing in securities. This pointed question, tinged with irony, follows the SEC’s statement advising reliance on information directly from the agency, amid misinformation regarding the approval of a Bitcoin ETF.

Awesome. Does the SEC think people selling ETH on exchanges are selling securities? I'd like to hear from the best source. https://t.co/Mvgaa9DgUH
— David "JoelKatz" Schwartz (@JoelKatz) October 17, 2023

Read Also: Coinbase CEO Advocates for Regulatory Change, Questions SEC Leadership

Notably, XRP enjoys a definitive status as a non-security, following a July 13 court decision by Judge Analisa Torres. This clarity contrasts starkly with the ambiguity surrounding Ethereum and other altcoins like Solana, Cardano, and Polygon, which the SEC has broadly classified as securities, casting doubt over their regulatory status.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 409,776,402 #XRP (201,627,816 USD) transferred from #Bitvavo to unknown new wallethttps://t.co/j0ho6BYxce
— Whale Alert (@whale_alert) October 17, 2023

This uncertainty is fueled further by past comments from former SEC official William Hinman, hinting at potential behind-the-scenes influence from Ethereum co-founder Vitalik Buterin on Hinman’s public remarks regarding Ethereum’s status.

Meanwhile, XRP’s potential rally is bolstered by recent significant movements of the cryptocurrency between wallets and exchanges, indicative of whales augmenting their XRP holdings. For instance, recent transactions include the transfer of 410 million XRP tokens, roughly equivalent to $202 million, from the Bitvavo exchange to a new wallet.

Technical analysis suggests an optimistic outlook for XRP’s price, as it has been charting higher highs and higher lows from October 13 to October 18. The Awesome Oscillator indicates a bullish turn, while a sustained upward trajectory could see XRP revisit, or even surpass, its early October highs.

However, caution is warranted, as the Relative Strength Index (RSI) still hovers below 50, hinting at persisting bearish pressures. A downward trend could potentially push XRP prices below key support levels, signaling larger setbacks for the cryptocurrency.