Ripple: Why settling with SEC could be disastrous, U.S. Congress candidate opines

On Dec 13, 2022

Notable U.S politician gave her opinion of the rumored Ripple- SEC settlement
Charles Hoskinson also agrees with her on possible unfavorable repercussion

Following rumors of a 15 December settlement, U.S. 2024 Congress candidate, January Walker, believes Ripple [XRP] giving in would be a screw-up on the firm’s part.

According to Walker, Ripple would not be the only party affected in the bargain. She noted that the global crypto ecosystem and the world at large could also feel the impact.

The world follows the actions of the USA, and how the government handles one of us, sets precedence for how they handle all of us. Instead of battling against each other claiming one group is better than another we need to work together for the right legislation.
— January Walker (@UtahPolitician) December 12, 2022

Fight till the end to avoid calamity

In a follow-up of her tweet, Walker opined that the two-year long matter could have been handled better with proper legislation. Admitting that the U.S. and concerned regulators had not handled the case well, she said,

“The world follows the actions of the USA, and how the government handles one of us, sets precedence for how they handle all of us. Instead of battling against each other claiming one group is better than another we need to work together for the right legislation.”

Several comments followed Walker’s opinion. For some, the settlement was better than losing. However, the response from the U.S. candidate reflected her belief that Ripple was not in a position to lose the case on neutral grounds.

The prolonged battle has seen no resolution even though unconfirmed reports made rounds of a 2023 judgment. The last heard of the case was Ripple, alerting its community of a potential SEC action that could ruin the token.

Moreover, Walker, was not the one with a bias for catastrophic outcomes from the possible settlement. Outspoken Cardano [ADA] founder Charles Hoskinson also shared the same sentiment.

The Proof-of-Stake (PoS) blockchain project CEO was part of the first few who forewarned about the speculation. In his 12 December YouTube session, Hoskinson told listeners that he expected the payment firm to see the case till the end. He also said that a settlement would result in catastrophic consequences.

For XRP, it’s all about winning

Despite the pillar-to-post discussion, XRP weighed in with a 2.34% increase. On the XRP/USD daily chart, the Relative Strength Index (RSI) confirmed that the token buying momentum was not rock-hard at 44.97.

As the RSI was nowhere near 70, it was not overbought. Considering it was closer to 30, it indicated that XRP only recently exited the oversold region. Furthermore, it was partially behind the bearish momentum.

For the Bollinger Bands (BB), volatility was neither extreme nor flat, as shown above. Since the BB mainly contracted, it implied a tight XRP trading pattern. With the price close to the lower bands, the BB aligned with the RSI that XRP was not fully out of its oversold condition.

Meanwhile, Ripple, and its CEO, Brad Garlinghouse, had not officially commented on the settlement speculation at press time. Neither has the SEC nor Ripple’s general counsel, Stuart Alderoty.

This article first appeared on AMBCrypto