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.
#XRPCommunity #XRP #SECGov v. #Ripple #XRP The Ripple Defendants have filed their response to the SEC’s submission of proposed redactions to the SEC’s letter opposing Movants’ motion to file an amicus brief regarding one of the SEC’s experts. pic.twitter.com/6w8Cr5m0u9
— James K. Filan 103k+ (beware of imposters) (@FilanLaw) June 15, 2022
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:
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
