Ripple vs. SEC Lawsuit: Ripple Files for Disclosure of SEC Staff Crypto Holdings

Updated:

The Ripple team recently filed a motion to force members of the United States Securities and Exchange Commission to disclose their XRP holdings. If granted, the motion would reveal documents on whether SEC staff are permitted to trade cryptocurrencies.

The motion filed by the legal team of the payment solutions company also intends to unearth the Commission’s preclearance judgment on XRP, Bitcoin, and Ethereum. In simpler terms, it aims to discover data on any policy preventing SEC employees from trading these cryptocurrencies.

The motion allows for the submission of information anonymously, either individually or in an aggregated format. According to a reading from the filing, the SEC failed to implement any policy restricting its staff from trading crypto until January 2018. The filing noted that this delay would have given SEC employees a window to invest in XRP.

If Ripple’s argument is valid, the Commission would have established stricter regulations on Ripple than on its staff. The filing explained that:

“That fact undermines the SEC’s allegations that the Individual Defendants were reckless in failing to determine as early as 2013 that offers and sales of XRP were securities.”

Key Ripple Levels to Watch — September 1

XRP/USD posted a sharp recovery yesterday, following a 13% rally, which saw the cryptocurrency peak at $1.2435. However, the sixth-largest cryptocurrency fell back below the $1.2000 line and touched the $1.1500 support, all within 24 hours.

XRPUSD – 4-Hour Chart

That said, bulls continued to retest the $1.2000 mark to no avail, indicating that this level could spur a bullish rally if broken soon. Given the current sentiment in the broader market, we expect a sustained break above the $1.2000 resistance in the coming hours. This bullish break could lead to several consecutive bull runs to the $1.3500 level and possibly higher.

Meanwhile, our resistance levels are $1.2000, $1.2700, and 1.3250, and our support levels are $1.1150, $1.1000, and $1.0500.

Total Market Capitalization: $2.10 trillion

Ripple Market Capitalization: $56 billion

Ripple Dominance: 2.65%

Market Rank: #6

 

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Ripple Suffers 5% Dip Amid Widespread Market Correction

Updated:

Wednesday began on a quiet note for Ripple (XRP) as the cryptocurrency claws its way back above the $1.1500 level, following yesterday’s 5% dip. At press time, the sixth-largest cryptocurrency trades at $1.1560 (+1.81%).

The correction in XRP came after a sharp rejection in Bitcoin from the $50,000 mark, which triggered a market-wide sell-off.

Meanwhile, the legal battle between Ripple and the United States Securities and Exchange Commission continues to blow hot, as senior Ripple executives call out the watchdog on its use of “deliberative process privilege (DPP).”

Ripple’s team of lawyers argue that the deposition is former SEC executive William Hinman and the document held back by the agency could “fatally undermine the SEC’s allegations that the Individual Defendants acted recklessly in failing to recognize Ripple’s sales of XRP as an unregistered securities offering as at that time, securities law experts of Mr. Hinman’s stature (to say nothing of the full Commission) had not reached that conclusion themselves, despite looking into the issue.”

Nonetheless, many analysts maintain a bullish stance on the long-term outlook of XRP. Prominent crypto traders and influence Credible Crypto recently noted that XRP could rally to the $20 – $30 area soon, which stands for a gain of over $2,300%.

Key Ripple Levels to Watch — August 25

XRP has finally broken beneath the persevering trendline and now struggles to remain above the $1.1500 level. While this could be a necessary correction to help the cryptocurrency rebound over the $1.2700 – $1.3250 area, it could also be the beginning of a significant price correction towards the $1.000 area.

XRPUSD – 4-Hour Chart

That said, XRP needs to stay above $1.1000 to keep the overall bullish bias intact, as bears plot to push prices across the crypto market lower.

Meanwhile, our resistance levels are $1.2000, $1.2700, and 1.3250, and our support levels are $1.1100, $1.0500, and $1.0000.

Total Market Capitalization: $2.05 trillion

Ripple Market Capitalization: $53.1 billion

Ripple Dominance: 2.59%

Market Rank: #6

 

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Ripple vs. SEC: SEC Argues Against Punishment and Override of DPP

Updated:

In the ongoing Ripple vs. SEC legal battle, the SEC recently filed an opposition against Individual Defendants’ Motion challenging the SEC’s improper assertion of the Deliberative Process and other privileges (DPP). The Commission has asserted its position against the discovery of internal and inter-agency documents protected by DPP.

The SEC urged the court not to override and punish efforts by the government, with emphasis on the XRP lawsuit. The agency noted that the internal, pre-decisional, and deliberative data came through defendants which they did not know of. That said, the regulatory body marks the data discovery plea from Ripple as irrelevant to claims or defense peculiar to the lawsuit.

Meanwhile, the Securities and Exchange Commission argued that it had already developed eminent documentation for the defendants. However, the defendant—Ripple— has sealed that most pivotal evidence, i.e, the deposition testimony of former SEC Division of Corporation Finance Director William Hinman that he met with some Ripple representatives.

Hinman claims that he alerted the defendants that their XRP sales were sales of securities, adding that he further advised Ripple to halt the unregistered sales.

The SEC argues that the defendant’s reasons behind its motion challenging the agency’s inappropriate assertion of the Deliberative Process are “illogical.” As such, the agency expects the court to throw out the defendants’ request to reveal non-public and privileged SEC data.

Key Ripple Levels to Watch — August 18

XRP is in the middle of a sharp correction towards the $1 level as the cryptocurrency aims at easing out of overbought conditions. However, the decline might end soon as trading conditions are back at neutral levels, based on our 4-hour MACD Indicator.

XRPUSD – 4-Hour Chart

That said, we expect a rebound over the coming hours to the $1.2000 level, given that price stays above the 50 SMA line. While further declines are unlikely, a break below the $1 mark could frustrate bullish recovery efforts and increase bearish pressure.

Meanwhile, our resistance levels are $1.1500, $1.2000, and 1.2700, and our support levels are $1.1000, $1.0500, and $1.0000.

Total Market Capitalization: $1.98 trillion

Ripple Market Capitalization: $51.7 billion

Ripple Dominance: 2.61%

Market Rank: #6

 

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Ripple Touches $0.9000, as Bulls Ravage Cryptocurrency Market

Updated:

Ripple (XRP) continues to trade on a bullish sentiment amid an upbeat momentum across the broader market. At press time, XRP trades up at $0.8950 with an intraday gain of 3.5%.

After a prolonged bearish period, the cryptocurrency market appears to have snapped out of the bearish trance, as investors troop back into the market sending benchmark cryptocurrency Bitcoin above $45,000. Meanwhile, Ethereum is also exerting bullish pressure on the market after the launch of its highly-anticipated London Hard Fork last week.

In other news, the Ripple vs. SEC legal battle continues to drag along with the Commission filing a new motion demanding access to communication info between Ripple’s employees on Slack. The SEC claims that a good amount of Slack data was removed from the discovery and insists that it gains access to the data.

Ripple has since filed a request asking for more time to prepare the data, demanding an extension on the deadline from August 12 to August 16.

Meanwhile, XRP could receive an extra boost from a new development with crypto exchanges KickEX. The trading platform recently announced that it had added XRP as a tradable asset on its platform, which could drive demand for the token.

Key Ripple Levels to Watch — August 11

With the recent spate of bullish movements, it appears that the previously bearish market sentiment is now over. XRP currently trades a few points under the $0.9000 level, as the $1 psychological level comes into view.

XRPUSD – 4-Hour Chart

While the market is in extreme bullish mode, it calls for some caution for bulls, as XRP is now in overbought conditions, and a sharp correction could be around the corner.

Meanwhile, our resistance levels are $0.9000, $0.9270, and $0.9500, and our support levels are $0.7000, $0.6500, and $0.6000.

Total Market Capitalization: $1.91 trillion

Ripple Market Capitalization: $41.3 billion

Ripple Dominance: 2.15%

Market Rank: #6

 

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Ripple vs. SEC: Ripple Lawyers Request for Crucial Binance Documents to Disprove SEC Lawsuit

Updated:

In the latest development in the Ripple vs. SEC lawsuit, Ripple lawyers allege that Binance has documents critical to the case.

The legal representative of Ripple CEO Brad Garlinghouse has submitted a filing with the Southern District of New York, requesting documents from Binance Holdings Limited, a subsidiary of the Cayman Islands-based digital asset exchange.

According to the court filing, Ripple argues that Binance holds documents “relevant to the case and unobtainable through other means.” The filing also requested that the court issue a letter of request for the Cayman Islands Central Authority to seek evidence from the crypto exchange.

Ripple’s attorneys are challenging a claim by the SEC that the cross-border payments solution provider’s CEO sold over 357 million XRP to investors across the globe through digital assets trading platforms.

The legal team has filed to obtain against the agency’s claim per Section 5 of the Securities Act of 1933, which only applies to domestic sales and offers of securities, arguing against the SEC’s statement of global violation.

That said, the documents requested by the Role lawyers from Binance could provide evidence to support their claims. The legal team noted that the SEC has admitted that Garlinghouse’s token sales took place on platforms outside the jurisdiction of the United States.

Key Ripple Levels to Watch — August 4

Following the recent market boom, Ripple (XRP) peaked at the $0.7800 resistance, where several attempts to scale got negated. Soon after, the sixth-largest cryptocurrency went into correction mode as the bullish move entered overheating territory on our 4-hour chart.

XRPUSD – 4-Hour Chart

That said, it appears the correction bias might have run out of steam at the $0.7000 psychological support, as bears struggle to push the price below that line. This makes the $0.7000 line the critical determiner for the next price direction in the near term. Nonetheless, we expect a rebound from this level back to the $0.7800 area in the coming days.

Meanwhile, our resistance levels are $0.7500, $0.7800, and $0.8000, and our support levels are $0.7000, $0.6500, and $0.6000.

Total Market Capitalization: $1.55 trillion

Ripple Market Capitalization: $32.4 billion

Ripple Dominance: 2.09%

Market Rank: #6

 

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Ripple Launches New ODL Corridor with Japan and the Philippines

Updated:

Ripple (XRP) has announced the launch of its new On-Demand Liquidity (ODL) payment corridor between Japan and the Philippines. SBI Remit, Japanese finance group SBI’s remittance division, partnered with Philippines-based crypto exchange Coins.ph on this project.

The ODL product uses XRP, a connectivity currency, to eliminate pre-tapping into the cryptocurrency’s liquidity. Through its implementation, remittances should become more affordable, which is a significant problem in Japan currently.

SBI’s cryptocurrency trading division, SBI VC Trade, will address the provision of necessary infrastructure to handle remittances sent by SBI Remit.

Meanwhile, SBI has asserted that it will continue to grow its partnership with Ripple. Director of SBI Remit, Nobuo Ando, commented on the development that:

“The launch of ODL in Japan is just the start, and we look forward to continuing to push into the next frontier of financial innovation, beyond real-time payments in just the Philippines, but to other parts of the region as well.”

Japan, the current host of the Tokyo 2020 Olympics, has remained in a devoted business relationship with Ripple.

The Asian giant is currently the top candidate for Ripple’s global headquarters in late 2020. However, this plan is on hold due to the ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).

Key Ripple Levels to Watch — July 28

Ripple is currently in the middle of a massive bull rally from the $0.6500 support earlier today. The sixth-largest cryptocurrency is now on the verge of retaking the $0.7500 resistance after five weeks.

XRPUSD – 4-Hour Chart

That said, we expect a bullish continuation over the coming hours above the $0.7500 level as bulls continue to expel sellers and bearish pressure from the market. Any price declines from this level should get repelled by the $0.7000 level.

Meanwhile, our resistance levels are $0.7500, $0.7800, and $0.8000, and our support levels are $0.7000, $0.6500, and $0.6000.

Total Market Capitalization: $1.56 trillion

Ripple Market Capitalization: $33.5 billion

Ripple Dominance: 2.14%

Market Rank: #6

 

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Ripple vs. SEC: Both Parties Reach Understanding on Hinman’s Testimony

Updated:

Ripple Labs and the United States Securities and Exchange Commission (SEC) have reportedly come to an “understanding” on the Hinman deposition. Both parties have agreed to postpone the former SEC executive’s testimony after achieving “substantial progress in narrowing and resolving the privilege issues.”

Previously, the court handling the Ripple vs. SEC case gave both parties till July 19 to reach an “understanding.” The deposition will now hold on July 27.

According to a joint letter on the matter submitted to US Magistrate Judge Sarah Netburn, the parties have seen “significant progress” deliberating the claims and objectives of privilege that could apply to the former executive’s testimony.

The court’s intervention will have the final take after the testimony gets put forward and what comes out of it. That said, Ripple and the regulatory agency have agreed to “reserve” their respective rights to request further guidance from the court ahead of the deposition.

Nonetheless, this is only the first round of discussions, and the real thing comes after Hinman’s testimony. While many XRP enthusiasts continue to back Ripple and the defendants, many are very skeptical about the intentions of the SEC.

Key Ripple Levels to Watch — July 21

Ripple (XRP) continues to struggle to make meaningful bullish moves as bears dominate the market. The seventh-largest cryptocurrency recently suffered a crushing blow below the $0.5500 support following a broader crypto market crash.

XRPUSD – 4-Hour Chart

At press time, XRP is battling the $0.5500 level, which, if broken, could help it reclaim the $0.6000 psychological level. However, it is unlikely that bears have had enough with the market, and more drops are likely in the coming days.

Meanwhile, our resistance levels are $0.6000, $0.6200, and $0.6500, and our support levels are $0.5500, $0.5200, and $0.5000.

Total Market Capitalization: $1.26 trillion

Ripple Market Capitalization: $25.3 billion

Ripple Dominance: 2%

Market Rank: #7

 

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Ripple Plummets Amid Former Executive’s Selling Spree

Updated:

Many Ripple (XRP) enthusiasts are familiar with the monthly XRP escrow release. The XRP escrow got designed to integrate predictability and stability to XRP. Meanwhile, a part of this monthly supply gets directed to former Ripple executive Jed McCaleb.

However, instead of holding his newly-minted coins, McCaleb eagerly dumps his holdings into the market. Recent data shows that the former Ripple CTO sold over 150 million XRP (~$98 million) within the past three weeks alone. XRPScan revealed that McCaleb became more consistent in selling his XRP holdings over the past few weeks and has sold about 10 million XRP every day since he received his monthly supply from Ripple escrow. Currently, his wallet, labeled “Tacostand,” holds 590 million XRP.

Coupled with the recent market bias and volatility in June, McCaleb’s selling spree pushed the price of XRP below the $1 mark. At press time, XRP trades near the $0.6000 price mark as selling pressure mounts on the cryptocurrency.

That said, the Ripple community blames McCaleb for the current poor performance of XRP and expects the price to bounce back once he exhausts his holdings. However, with his current wallet balance, the former Ripple executive’s selling spree could persist till the end of August.

Key Ripple Levels to Watch — July 14

After consolidation between the $0.6500 – $0.6000 range for the past six days, Ripple appears to have broken below this range as selling pressure in the broader crypto market increases. XRP needs to climb back above the $0.6000 psychological line over the coming hours or risk falling to the $0.5500 support.

XRPUSD – 4-Hour Chart

Nonetheless, the overall market bias is overwhelmingly bearish despite the low trading volume. XRP bulls will have a tough time defending the $0.6000 given the current market conditions. However, a successful defense of this line could help XRP climb above the bearish channel and the $0.6500 level over the coming days.

Meanwhile, our resistance levels are $0.6200, $0.6500, and $0.7000, and our support levels are $0.5500, $0.5200, and $0.5000.

Total Market Capitalization: $1.30 trillion

Ripple Market Capitalization: $27.5 billion

Ripple Dominance: 2.13%

Market Rank: #6

 

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Ripple vs. SEC: XRP Community Says the Case Has Gone Cold

Updated:

The legal case between Ripple (XRP) and the United States Securities and Exchange Commission (SEC) has lost its novelty to many members of the crypto community. There has been little to no new development from the ongoing case in the past few weeks.

Yesterday, crypto analyst Martin Valk tweeted that the case had become “a bit cold.” Under the tweet, he tagged some lawyers in the XRP community, including James Filan and Jeremy Hogan, and added the founder and host of CryptoLaw, John E. Deaton. Valk questioned if the XRP will be privy to access court proceedings or if it means the lawsuit will continue out of public view henceforth.

The lawsuit, filed by the US agency against the currency provider in December 2020, alleged that the firm, CEO Brad Garlinghouse, and Executive Chairman Chris Larsen raised more than $1.3 billion in seven years through the sale of an unregistered XRP token. Ripple, and its executives, have since denied the allegations mounted against them and want to get over the case soon.

That said, many analysts predict that without a settlement, the case would persist till early 2022. Despite the ongoing lawsuit, Ripple has plans to organize an IPO in the coming months.

Speaking at Consensus 2021, Garlinghouse revealed that the company plans on going public after the lawsuit runs its course.

Key Ripple Levels to Watch — July 7

Despite the bullish sentiment across the broader market, Ripple appears unable to muster a push above the $0.7000 resistance. XRP continues to trade in a sideways momentum between $0.7000 and $0.6500.

XRPUSD – 4-Hour Chart

That said, the sixth-largest cryptocurrency trades along an ascending trendline and a descending channel from the broader perspective. A sustained break above the channel could help the cryptocurrency snap out of its rangebound movement. However, failure to break above this level over the coming hours could send XRP below the $0.6500 level to the $0.6000 support.

Meanwhile, our resistance levels are $0.7000, $0.7500, and $0.7800, and our support levels are $0.6500, $0.6000, and $0.5200.

Total Market Capitalization: $1.47 trillion

Ripple Market Capitalization: $30.6 billion

Ripple Dominance: 2%

Market Rank: #6

 

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Ripple Appoints Former Mastercard Executive for Its European Operations

Updated:

In its continued effort to grow in mainstream market adoption, Ripple (XRP) has announced the appointment of Sendi Young as the managing director of its European operations.

Sendi brings over 15 years of experience in the fintech sector and global payments solution to “oversee strategy and champion the expansion of Ripple’s global financial network technology, RippleNet.”

In her most recent appointment, Young worked at Mastercard, where she spent half a decade in “strategy, commercialization, bank-fintech partnerships and business development.”

Speaking on the strategic appointment, general manager of RippleNet Asheesh Birla noted that:

“Sendi’s appointment represents a huge opportunity for our European operations given her leadership experience, deep understanding of the payments landscape, and knowledge of how to grow and scale a network business.”

The committed focus of Ripple on the European market is due to the vastness of the continent as a market opportunity for the cryptocurrency provider. According to Ripple, the European demographic represents around 25% of all their customers. In a press release, the San Francisco-based company noted that:

“Year to date, European On-Demand Liquidity (ODL) transactions grew by 250% in comparison to 2020, making up over 40% of all ODL transactions year to date.”

That said, Ripple appears to have maintained a healthy upward trajectory in XRP adoption, thanks to its strategic partnering with financial institutions across the globe.

Key Ripple Levels to Watch — June 30

Following a healthy recovery over the past 48 hours from the $0.6000 level, XRP appears to be in the middle of a mild correction. The seventh-largest cryptocurrency fell to the $0.6800 area from the $0.7338 high recorded yesterday.

XRPUSD – 4-Hour Chart

That said, it appears that the correction might be ending soon as Ripple regains bullish momentum. A return above the $0.7000 psychological resistance should confirm the end of the bearish correction.

Meanwhile, our resistance levels are $0.7000, $0.7500, and $0.7800, and our support levels are $0.6500, $0.6000, and $0.5200.

Total Market Capitalization: $1.41 trillion

Ripple Market Capitalization: $30.9 billion

Ripple Dominance: 2.18%

Market Rank: #7

 

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