Ripple vs. SEC: Commission Set to Suppress Ripple Deposition Request

Ripple vs. SEC: Commission Set to Suppress Ripple Deposition Request

The US Securities and Exchange Commission (SEC) intends to file a motion tomorrow to suppress the deposition subpoena issued by Ripple Labs on a former SEC official.

The suppression motion getting pushed by the Commission comes as the SEC argues that the questioning of a former official under oath was unacceptable. That said, the decision of whether a former SEC official would get questioned or not rests on Magistrate Judge Sarah Netburn.

The SEC vs. Ripple (XRP) case has seen several twists and turns over the past six months. While both parties claim to hold the higher moral ground, the lawsuit is far from over. Throughout the case, most hearings have gone in favor of Ripple while few have favored the SEC, despite the SEC seeming to have a strong case. At some point, it seemed like the SEC would call it quits.

Although the identity of the proposed official to get questioned is still unknown, many members of the cryptocurrency community have speculated many possible names, with the prevalent opinion being former SEC chief Jay Clayton. Clayton is responsible for initiating the SEC’s lawsuit against Ripple in December 2020, during the last days heading the Commission.

Others have argued that Clayton is too obvious a target and that Ripple would go after another official who had an untimely dismissal from the agency.

Key Ripple Levels to Watch — June 23

Ripple, along with most of the cryptocurrency market, is in the middle of a rebound from the recent market crash. XRP currently trades below the $0.6500 resistance, following a fall to the $0.5200 level yesterday.

XRPUSD – 4-Hour Chart

That said, the immediate target for bulls is the $0.7800 resistance, the position of the top of our descending channel. A Break above the $0.7800 resistance could negate the prevailing bearish bias. However, buyers should remain cautious, as the cryptocurrency is not entirely out of the woods.

Meanwhile, our resistance levels are $0.6500, $0.7000, and $0.7500, and our support levels are $0.6000, $0.5200, and $0.4600.

Total Market Capitalization: $1.3 trillion

Ripple Market Capitalization: $29.4 billion

Ripple Dominance: 2.17%

Market Rank: #6

 

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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.