XRP price retraces less than other cryptos amid favorable Ripple vs SEC saga developments


  • Experts believe a ruling in the SEC vs. Ripple case is expected within the next few days, Hinman memos could be released to the public soon. 
  • Ripple counsel slams the SEC for trying to bully, bulldoze and bankrupt crypto innovation in the US instead of expanding regulatory territory. 
  • XRP price recovers from the recent slump; analysts expect a continuation of altcoin's uptrend. 

UPDATE: XRP price has found support above key psychological level $0.30 after some positive developments in the Ripple vs SEC court saga. James K. Filan, defense attorney of Ripple Labs' CEO and Chairman Brad Garlinghouse and Christian Larsen, released a letter to Judge Torres stating the defendants had no objection to the SEC's sealing off exhibits. According to another Ripple attorney, Fred Rispoli, this means the SEC chances of winning are diminished, as "the court will have ten less documents in evidentiary record to review", while Ripple will be able to claim that "SEC had yet another chance to produce more docs to support its contention yet passed on the opportunity." Ripple price has retraced less than most of its cryptocurrency peers in the recent market bloodbath, and could have big bullish potential if this court saga againt the SEC continues to trend toward their direction.

Ripple's counsel, Stu Alderoty, has slammed the US Securities and Exchange Commission for stifling crypto innovation in the US Experts believe the SEC vs. Ripple case could soon draw to a close. 

Ripple lawyers condemn the US SEC's move

Ripple's general counsel Stu Alderoty slammed the US Securities and Exchange Commission for attempting to "bully, bulldoze, and bankrupt" crypto innovation in the US to expand its regulatory territory. 

Alderoty was quoted as saying,

By bringing enforcement actions–or threats of potential enforcement–the SEC intends to bully, bulldoze, and bankrupt crypto innovation in the US, all in the name of impermissibly expanding its own jurisdictional limits. Like a hammer wanting everything to be a nail, the SEC is keeping everything murky so it can argue every crypto is a security

The SEC's "assault on all crypto in the US" has been condemned by Ripple's counsel. 

Experts believe the SEC's legal battle against payments giant Ripple could draw to a close soon. Ripple's counsel is battling to have memos sent by legal advisers to William H. Hinman, the former Director of the Division of Corporation Finance, that he then used in the writing of a key speech, released and brought into evidence. While the SEC claims that Ripple was sold as an unregistered security, the defendant argues that Hinman's speech affirms that XRP is a digital asset, not a security, similar to Bitcoin and Ethereum. 

Analysts argue Ripple price could recover 

Bob Mason, a leading cryptocurrency analyst, evaluated the Ripple price trend and noted that avoiding a fall through the $0.324 pivot could ensure that the altcoin tests its first significant resistance at $0.36. There is broad support at $0.34, the 50-day EMA. Once Ripple begins its uptrend, XRP could test the 100-day EMA at $0.37. 

FXStreet analysts disagree and argue that XRP price could plummet; for more information, watch this video:

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.

More Altcoin News
Shanghai court confirms legal recognition of crypto ownership

Shanghai court confirms legal recognition of crypto ownership

A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.

More Cryptocurrencies News
BTC hits an all-time high above $97,850, inches away from the $100K mark

BTC hits an all-time high above $97,850, inches away from the $100K mark

Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP