Ripple CEO Garlinghouse Predicts Crypto Will Have a “Reset” After US Election

Join the BingX community

Highlights of the crypto market news today

Brad Garlinghouse, CEO of Ripple, stated that crypto will undergo a "reset" regardless of the outcome of the upcoming US election. Appearing on stage at the 8th Fintech Week in Washington DC, Garlinghouse, wearing a purple tie to represent bipartisanship, called the current Biden administration "hostile." He said in a conversation with CNBC's Tanaya Macheel on Wednesday: "I think no matter what happens, we're going to see a reset. We're going to see progress and I'm really looking forward to that."

>> Read more: Ripple CEO Predicts Crypto Market Capitalization Will Double by Year-End

Ripple CEO Garlinghouse Predicts Crypto Will Be "Reset" After US Election | Source: Bloomberg

As the election on 11/5 approaches, both presidential candidates have expressed views on crypto, though with very different approaches. Vice President Kamala Harris said her administration will encourage innovative technologies like AI and digital assets while still protecting consumers. Last week, she shared that she "appreciates how new technologies can expand access to banking and financial services."

Former President Donald Trump has also pledged to end the "illegal and un-American persecution" of the crypto industry in the US and has endorsed a crypto project called World Liberty Financial.

>> Read more: World Liberty Financial to Raise $1 Billion Like 2017 ICO

Brad Garlinghouse, CEO of Ripple, commented that former President Donald Trump was an early and vocal supporter of crypto, dubbing himself the "Cryptocurrency President." Garlinghouse also pointed out that Vice President Kamala Harris has a strong technology background. "Kamala Harris comes from Silicon Valley and has generally been supportive of technology over the years," he said, but noted that she has been relatively quiet on the crypto topic.

Digital asset firms have poured money into supporting crypto-friendly political candidates. Ripple disclosed earlier this year that they contributed an additional $25 million to the Fairshake political action committee, matching the amounts given by Coinbase and Andreessen Horowitz. In August, Ripple co-founder Chris Larsen donated $1 million in crypto to a PAC supporting Harris. Garlinghouse, who has repeatedly criticized Massachusetts Senator Elizabeth Warren, also publicly endorsed her opponent John Deaton on Tuesday. During DC Fintech Week, Garlinghouse said he has also contributed to this crypto-friendly candidate.

Democratic Senator Warren, a frequent critic of the crypto industry, has backed a bill to expand Bank Secrecy Act anti-money laundering rules, including KYC requirements, to miners, validators, and wallet providers. Deaton, the Republican candidate, has criticized SEC Chair Gary Gensler and in 2021 filed a petition opposing the SEC's statement that XRP is a security in its lawsuit against Ripple.

Ripple has been embroiled in a multi-year legal battle with the SEC. In 2020, the SEC accused the company of raising $1.3 billion through the unregistered sale of XRP, which it considers a security. The case is ongoing after a New York judge gave partial wins to both sides, and the SEC appealed the court's decision earlier this month.

BingX Bitcoin Chart

Bitcoin 1D Chart on 24/10/2024 | Source: TradingView & BingX

An immediate price reversal higher in Bitcoin could be a direct repeat of a BTC market fractal pattern from Q3. Fractals are repeating patterns in history, allowing traders to identify trend reversals on charts. The current price action of Bitcoin is mimicking the strong upswing seen in late July. Coincidentally, BTC had a correction from a similar $68,000-$70,000 range before dropping to its nearest order block.

The order block formed in July also coincides with the current order block, specifically $63,200-$65,000 and $64,500-$66,000. If Bitcoin continues to move similarly, BTC could form a V-shaped pattern and bottom around $64,500 before resuming the uptrend towards $70,000.

Additionally, the support from the 50-day EMA is clearly visible on both charts and coincides with the current order block price levels. Satoshi Flipper, a Bitcoin futures trader, also emphasized the presence of strong support between $66,000 and $64,000, stating that the current prices are a "great buying opportunity" before the US election results in November. Technically, this would be an ideal time for a Bitcoin price reversal higher.

Bitcoin has been in an uptrend with higher highs and higher lows since closing above the previous high of $66,500 on September 27. Similarly, the uptrend in BTC will be maintained if a new higher low forms above the previous local low of $58,900. With that, the next higher low could occur around the Fibonacci 0.5-0.618 range, also known as the "golden zone". Most swing traders use the FIB range on the higher time frame (HTF) to place long-term buy orders.

On the daily chart, the current golden zone of Bit is between $63,900 and $62,000, and upon closer observation, this zone also coincides with a daily order Block at $63,300. Therefore, BTC dropping to the $62,000-$63,000 level is a positive signal in the long term. This will create a new higher low (HH2) and then continue towards a new higher high (HH4) after the beginning of November. Axel Adler Jr., a Bit researcher, also mentioned a "high risk of long position liquidation" down to the $64,000 level, further reinforcing the likelihood of the aforementioned golden zone.

The current support level for BTC is $66,000, while the resistance level is $70,000.

Disclaimer: Readers should conduct their own research before making any transactions. BingX is not directly or indirectly responsible for any damages or losses caused by or claimed to be caused by the use of or reliance on any content, goods, or services mentioned in the article.