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

Azeez Mustapha
4 August 2021 | Updated: 4 August 2021

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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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.