Brad Garlinghouse, CEO of Ripple Labs, stated his position on Bitcoin (BTC) during the Blockworks Digital Asset Summit in New York on Wednesday (Yesterday). Speaking with Bitwise CEO Hunter Horsely, he said he first bought Bitcoin in 2012 and remains optimistic about it.

Meanwhile, after a strong bullish session yesterday, BTCUSD is undergoing a bearish correction on the H1 chart. Intraday buyers may look for opportunities to enter long positions and drive the price higher.

Ripple CEO Supports Bitcoin, Holds BTC

“I am bullish on Bitcoin, period,” Garlinghouse said, according to Bitcoin.com. He also confirmed that he holds BTC and has used it for transactions but has not sold it.

Garlinghouse’s comments come amid ongoing criticism of XRP within the Bitcoin community. Many argue that Ripple ’s initial allocation of 80% of XRP’s supply concentrated control over the asset.

BTCUSD Consolidates, Buyers Watch Key Level

The BTCUSD H1 chart reveals that after finding strong support around the 81,300 level, the price initiated a significant bullish movement. During this rally, it successfully broke through several key resistance levels, showcasing robust upward momentum.

Currently, the 85,400 level appears to be a crucial level that could act as support moving forward. If the price forms a bullish reversal pattern at this level, there is potential for buyers to drive the price further north. However, if the price breaches this level, it could signal a shift, prompting sellers to target short positions from the value areas.

SEC Drops Appeal, Ripple Legal Battle Ends

Meanwhile, the United States Securities and Exchange Commission (SEC) is ending its multi-year enforcement action against Ripple, as confirmed by the company's CEO, Brad Garlinghouse. This brings an end to the legal dispute that started in December 2020, when the SEC filed a lawsuit against Ripple over an alleged $1.3 billion unregistered securities offering.

Garlinghouse announced the conclusion of the case on X on March 19, stating: “The SEC will drop its appeal—a significant development for Ripple and the crypto industry.” In a video accompanying his post, he confirmed: “I’m finally able to announce that the case has ended; it’s over.”

Garlinghouse reflected on the outcome, saying: “We’re now closing a chapter in crypto history,” and stressed the importance of the US taking a leadership role in the crypto space, stating, “It’s time to make the United States the crypto capital of the world.”