Ripple vs. SEC: SEC Dismisses Ripple’s Sur-Reply Filing, Claims Privilege

Updated:

The drawn-out battle between Ripple Labs and the United States Securities and Exchange Commission (SEC) has taken another interesting turn.

Yesterday, the defendants filed its Sur-Reply on the financial watchdog’s motion to strike the Fair Notice Affirmative Defence. This move was taken to oppose “the SEC’s inappropriate request” for judicial notice and to tackle the Commission’s “misleading characterization of its prior enforcement actions.”

Earlier today, popular attorney James K. Filan took to Twitter to update his followers on the ongoing lawsuit. The tweet detailed that Ripple Labs filed a Letter Motion to compel the SEC to turn over specific notes concerning a 2018 meeting between Ripple CEO Brad Garlinghouse and former SEC executive Elad L. Roisman. However, the plaintiff has refused to grant the order, claiming that “they were privileged.”

The document in question contained a set of “attorney notes” that reflected the meetings between the two executives.

Moving on, Defendant counsel Matthew Solomon recently stated:

“Notes are not privileged and should be disclosed. Notes taken by SEC staff in the context of fact-gathering with third parties do not fall within the scope of the DPP. Even if the information gathered may later be relied on for future policymaking.”

That said, the financial regulator had asserted that the sought-after documents were protected by the deliberative process privilege (DPP).

Key Ripple Levels to Watch — February 11

After rallying by over 50% between last Friday and Wednesday, XRP has fallen into a bearish pattern since then. This trend change comes after the sixth-largest cryptocurrency peaked at $0.9275, which, unsurprisingly, coincided with the upper end of my long-lasting wedge pattern.

XRPUSD – Daily Chart on Bitfinex. Source: TradingView

That said, the bearish trend appears to have lost steam at the $0.8000 support, which coincides with the lower end of my wedge pattern, indicating a possible bullish charge to the $0.9000 level (wedge top) over the coming days. It goes without saying that bulls need to defend the $0.8000 support to see this bullish rebound to fruition.

Meanwhile, my resistance levels are $0.8250, $0.8500, and $0.8800, and my support levels are $0.8000, $0.7500, and $0.7300.

Total Market Capitalization: $1.98 trillion

Ripple Market Capitalization: $39.4 billion

Ripple Dominance: 1.98%

Market Rank: #6

 

You can purchase crypto coins here: Buy Tokens

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

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.