Ripple vs. SEC: Ripple Accused SEC of Providing Incomplete Answers to RFA Question

Updated:

Ripple Labs (XRP) continues to bring the heat in its ongoing lawsuit against the US Securities and Exchange Commission (SEC) after filling a letter supporting its claims that the SEC intentionally provided inaccurate responses to its Fourth Set of Requests for Admissions (RFA).

The latest development was shared by Ripple community attorney James Filan via his Twitter page. Filan detailed:

“Ripple Defendants file a reply letter in further support of their motion regarding the deficiencies in the SEC’s responses to the Ripple Defendants’ Fourth Set of Requests for Admissions.”

This comes a few days after the regulatory watchdog contended the defendant’s complaint about how it responded to some questions in the RFA document.

The SEC previously claimed that it did not respond satisfactorily to some RFA questions because it lacked adequate information or understanding of the matter. The Commission claimed that its lack of information mandated it not to confirm or deny certain questions in the RFA, especially questions relating to Hinman.

However, Ripple is refusing the SEC excuse arguing that the agency fully understands and has the necessary information on almost all the questions posed in the RFA document. The defendant argued that the SEC is simply deploying different tactics to avoid providing answers to most of the questions in the RFA.

Key Ripple Levels to Watch — June 8

Ripple continues to drag itself in a choppy pattern between $0.3900 and $0.4200. The cryptocurrency has remained range-bound for a month as the broader market settled into the crypto winter.

XRPUSD – 4-Hour Chart on Bitfinex. Source: TradingView.

However, XRP continues to hold above the range bottom despite several attempts to push prices lower. This could be an indication that the seventh-largest cryptocurrency has bottomed out, making the next available option after consolidation a bullish resurgence. Regardless, it could take a long while before any bullish momentum is recorded in the market.

Meanwhile, my resistance levels are $0.42500, $0.4400, and $0.4600, and my support levels are $0.4000, $0.3500, and $0.3000.

Total Market Capitalization: $1.25 trillion

Ripple Market Capitalization: $19.3 billion

Ripple Dominance: 1.55%

Market Rank: #7

 

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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.