Ripple vs. SEC: SEC Requests for the Deposition of Five Witnesses

26 May 2021 | Updated: 26 May 2021

In the ongoing SEC vs. Ripple (XRP) case, the Commission is now requesting that Judge Sarah Netburn depose five more witnesses, including former Ripple CFO Ron Will and former Xpring senior vice president Ethan Beard.

The Securities and Exchange Commission asserts that its increase in deposition requests spurs from the new development of evidence and “the sheer scale of Ripple’s unlawful XRP offering.”

Currently, ten active and former Ripple employees are to testify on several matters. The SEC is also making efforts to strong-arm Ripple into producing documents relating to its lobbying efforts.

In June 2020, Chris Giancarlo, a former chairman of the Commodity Futures Trading Commission, publicly asserted that XRP was not unregistered security. However, the SEC argued that Giancarlo was on Ripple’s payroll, noting that:

“Ripple relies on statements that it paid that official to make to support its litigation position…Since Ripple has put at issue its purported lack of ‘fair notice’ based on the beliefs of market participants, the SEC is entitled to test whether the supposed ‘confusion’ was bought and paid for by Ripple, as opposed to a reflection of genuine market sentiment.”

Additionally, the agency has requested access to the documents of five other custodians to obtain “all relevant internal and external documents.”

Key Ripple (XRP) Levels to Watch — May 26

After suffering a massive plunge below the $0.7000 level, Ripple appears to have regained bullish traction as the crypto market recovers from its recent crash. The seventh-largest cryptocurrency currently trades around the $1.0600 level, as it trades along a bullish trendline.

XRPUSD – Hourly Chart

The immediate target for bulls is the $1.2700 resistance followed by the $1.5000 level. That said, any declines from the current price should find healthy support from the $1.0000 psychological support level.

Meanwhile, our resistance levels are $1.5000, $1.5500, and $1.6000, and our support levels are $1.4000, $1.3500, and $1.3000.

Total Market Capitalization: $1.62 trillion

Ripple Market Capitalization: $43.6 billion

Ripple Dominance: 2.68%

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.