Ripple vs. SEC: Court Throws Out Yet Another SEC Request

Ripple vs. SEC: Court Throws Out Yet Another SEC Request

Ripple (XRP) has claimed yet another small victory in its ongoing legal case against the US Securities and Exchange Commission, following a court ruling denying the SEC from gaining access to Ripple’s lobbying activities and logs.

Magistrate Judge Sarah Netburn of the District Court for the Southern District of New York ruled on June 15 that evidence of the San Francisco-based blockchain company’s lobbying activities is irrelevant to the case.

Late last month, the SEC requested that the court compel Ripple to present documents that showed that the blockchain company engaged in lobbying undertakings to confuse the public regarding XRP’s regulatory status.

The SEC’s attorney also noted that Ripple “relies on statements that it paid that official to make to support its litigation position.” The official referred to in this allegation is former Commodity Futures Trading Commission (CFTC) Chairman Christopher Giancarlo, who argued that XRP did not qualify as a security under US laws after joining the company.

In her ruling, Judge Netburn also dismissed the SEC’s request for post-dating the filing of its official complaint.

However, Judge Netburn approved SEC’s motion to carry out more depositions on more Ripple staff.

Although confidence in the SEC’s case has dwindled following several motion denials, the magistrate has approved the Commission’s request to extend the discovery schedule of the case by two months.

Key Ripple Levels to Watch — June 16

After successfully breaking above the descending trendline on Monday, XRP has fallen into renewed bearish momentum and traces the trendline. However, the 200 SMA currently buoys the price, which should forestall any steep decline over the coming hours.

XRPUSD – Hourly Chart

With the current drought of trading volume today, we expect to see Ripple fall into consolidation between $0.8800 and $0.8580. That said, the seventh-largest cryptocurrency stands the risk of falling into a bearish spiral in the absence of trading volume.

Meanwhile, our resistance levels are $0.8800, $0.9000, and $0.9500, and our support levels are $0.8580, $0.8400, and $0.8000.

Total Market Capitalization: $1.71 trillion

Ripple Market Capitalization: $39.8 billion

Ripple Dominance: 2.32%

Market Rank: #7

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.