- Recent news in the SEC vs. Ripple case
- XRP fell by 30 percent before recovering by 16.6 percent. Important support/resistance margins ahead.
- The possible future developments.
Yerevan (CoinChapter.com) – US Securities and Exchange Commission (SEC) is going to file a request on June 24 to invalidate the “discovery dispute” involving a former official of the law enforcement agency, requested by Ripple Labs blockchain company.
James K. Filan, an attorney involved in the case, tweeted the full document and offered his expert opinion on the situation and motives of both sides.
The attorney commented that the identity of the official in question is not yet public knowledge. He also asserted that the only reason for the motion in question and the request to annul it is the inability of both sides to resolve their differences.
The SEC filed the said lawsuit back in December 2020. The governmental agency accused the blockchain company of selling $1.3 billion worth of its native token XRP as “unregistered securities,” thus violating the US investment laws.
Also read: Judge approves a joint sealing proposal. Is SEC vs Ripple nearing its end?
Hester Pierce, a Securities Regulator at the SEC, offered her opinion on the matter during a recent interview with Bloomberg TV. She called the regulations around an asset being a security “a very difficult line.” The official added that in the case of Ripple Labs, the problem is not that XRP “is necessarily a security.” Rather the fact that “it was sold AS a security.”
Also read: XRP explosion stalls on fears of EOS-like expensive lawsuit settlement
Meanwhile, XRP…
… managed to gain 16.6 percent in the past 24 hours. XRP/USD exchange rate stood at $0.63 in the European session Wednesday, after a devastating 30 percent crash two days prior. After bottoming out at the $0.50 support line on Tuesday, the token bounced off to approach another significant margin.
If XRP fails to hold on to the current $0.63 margin as support, and retests it as resistance, it could drop back to either $0.50 or to $0.43.
Experts weighed in on the XRP charts, offering their views. Crypto analyst Vince Prince tweeted on the current situation, noting that the $0.63 margin is a “good zone” to hold.
Another expert Kevin Cage cited the falling stats on both the altcoin market cap and XRP on their monthly charts. He reminded his followers that the charts presented are not predictions, but observations of the Fib Retracement levels.
In the last 24 hours, there’s ubiquitous recovery across the crypto market. Bitcoin registered green candles with a 7.6 percent gain. Ethereum followed with a 6 percent ascend, along with 13 percent for Cardano (ADA) and almost 15 percent for Dogecoin. XRP benefitted from the rest of the market, raising its value up to $0.63 in the London session Wednesday.
The outcome of the SEC vs Ripple lawsuit is significant for the token. However, the court proceedings still drag on, despite the rumors of the soon-coming settlement.
Also read: XRP is primed for a bullish breakout in the long run—here’s why?
