The US Securities and Exchange Commission is now investigating the Ethereum Foundation. The SEC expressed its skepticism about ETH, labeling it a “security.” The authorities are investigating Ethereum on the grounds of a 2022 software upgrade that changed the way the network processes its transactions.
The SEC’s investigation into Ethereum has spurred an array of questions. The crypto community is now wondering whether XRP will be cut loose from the SEC’s investigative spree and that it will ultimately end up stealing Ethereum’s thunder.
Also Read: Ripple XRP Weekend Price Prediction
XRP vs. Ethereum: Blurred Lines?
With the SEC tightening its ropes around Ethereum, one crippling question has been nagging the crypto market. The community on X is rife with opinions on whether XRP will now be able to free itself from the SEC’s disarming reach and be able to forge its independent path ahead.
Crypto enthusiasts on X have been projecting new opinions on the SEC vs. Ethereum debate. The questions include: now that Ethereum is on fire, its user flow, liquidity, and momentum may soon fuel XRP’s popularity to new levels.
The Ethereum-SEC drama has sought momentum at a time when the market is anticipating updates on a potential Ethereum ETF. The SEC seems to be following the same narrative that it did with Ripple. The authorities are trying to corner ETH by labeling it a potential “security.”
When an asset is dubbed “security,” it comes under a separate trading jurisdiction, strictly guarded under specified trading mechanisms to protect investors from getting exploited.
Also Read: XRP Echoes Its 2017 Nostalgic Bull Ride: Can It Breach $1 Soon?
With the SEC dubbing ETH security, the investigation can spell trouble for the network if it escalates further ahead.
Ripple CEO Brad Garlinghouse Protects Ethereum Amid the SEC Drama
Brad Garlinghouse, CEO of Ripple, has come forward in favor of Ethereum. Garlinghouse tweeted his opinion via X, adding that the SEC should stop following the same trend that it did with XRP.
“The SEC picks fights with the industry and is losing badly in the courts. They’re now fighting fellow regulators like the CFTC and falling behind their international counterparts. At what point will the SEC realize they will lose the war against ETH just as they lost against XRP?” Garlinghouse later tweeted
The Ripple CEO was seen reposting Coinbase’s Paul Grewal’s post on ETH, outlining bold anomalies in the ongoing SEC vs. Ethereum drama.
XRP Price Analysis
The recent SEC vs. Ethereum war seems to have partially helped XRP gain some credible market momentum. Per CoinMarketcap, the token has been up 5% in the last 24 hours, exchanging hands at $0.6351 at press time.
The token has documented a spike of 17% in the last month, denoting its potential to climb much further ahead.
Per CoinCodex, XRP may soon project a possible bullish trend.
“According to our current XRP price prediction, the price of XRP is predicted to rise by 5.94% and reach $0.674352 by April 20, 2024. According to our technical indicators, the current sentiment is bullish, while the Fear & Greed Index is showing 78 (extreme greed). XRP recorded 16/30 (53%) green days with 7.05% price volatility over the last 30 days.”