- XRP price is looking primed for a move to flip the $1 resistance level into a support barrier.
- Former US treasury Rosie Rios says XRP is for ‘payments” as she vaguely supports China’s decision to ban Bitcoin since it is just a speculative asset.
- Ripple’s fight with the SEC continues as CEO Brad Garlinghouse signals that they are open for settlement.
XRP price failed to sustain its gains obtained on September 22, resulting in a retracement to a stable support floor. While an uptrend appears to be on its way, Ripple will encounter a psychological level acting as resistance.
Ripple vs. Bitcoin and payments vs. speculation
Ripple has been in a long-standing battle with the US Securities & Exchange Commission. While the conclusion of this lawsuit does not seem to be on the horizon, CEO Brad Garlinghouse floated the idea of settlement in a recent interview. He added that the SEC needs to define what XRP is on a “go-forward basis” for Ripple to consider a settlement.
On a similar note, Ripple board member Rosie Rios tweeted on Monday, differentiating the use-case between XRP and BTC. She used China’s decision to support her argument that the big crypto has no use-case apart from being a speculative instrument.
XRP’s primary purpose is facilitating cross border payments while other #Cryptos find their value in speculation. China’s latest move brings this point home.
While Rios’ tweet received some harsh criticism, she clarified her intentions the next day.
Want to clarify that IMO. While Ripple is committed to the cross-border use case, developers globally everyday are pursuing other use cases, including store of value, medium of exchange, etc for multiple blockchains/cryptos.
— Rosie Rios (@RosieRios) September 27, 2021