Ripple vs.SEC Lawsuit: XRP Holders Can Now Assist in Legal Hearings

6 October 2021 | Updated: 6 October 2021

Ripple Labs has registered another snack win in its ongoing lawsuit with the US Securities and Exchange Commission (SEC) after US District Judge Analisa Torres granted the status of “amici curiae” to the XRP community in the lawsuit.

Prominent XRP advocate and lawyer to the blockchain startup John Deaton also received special status from the ruling. That said, Deaton and XRP holders can serve as “friends of the court,” enabling them to assist the court in legal briefings on the case.

Judge Torres noted in the order that this type of assistance would come in handy during dispositive motion briefings. However, the order detailed that the court retains its ability to request or deny further applications.

Another prominent lawyer involved in the case, James Filan, described the latest development as a “huge win” for the XRP community.

Notwithstanding the special status, XRP Holders’ motion to intervene in the case got denied. The court also clarified that to maintain the balance between Ripple investors and the parties, the community cannot present witnesses or effective evidence.

The latest court order comes following criticism of the judges for exhibiting bias towards the SEC. Also, the community felt cheated with the court’s decision-making prices as the Commission continued to file motions allowing it to withhold critical information.

Key Ripple Levels to Watch — October 6

Following a +8% bullish rally over the past 48 hours, XRP has slipped back below the $1.0500 support amid a lack of momentum for a bullish continuation above the critical $1.1000 psychological mark. That said, the sixth-largest cryptocurrency remains restricted in the upper-end of our ascending channel.

XRPUSD – 4-Hour Chart

Nonetheless, we expect any sustained bearish pullback to get restricted by the $1.0000 critical support. However, bears do not currently possess the strength to push the price to the $1 support instead, we expect to see a goodish recovery into the $1.1000 – $1.0500 pivot area in the coming hours.

Meanwhile, our resistance levels are $1.0500, $1.1000, and 1.1500, and our support levels are $1.0000, $0.9500, and $0.9275.

Total Market Capitalization: $2.22 trillion

Ripple Market Capitalization: $48.9 billion

Ripple Dominance: 2.2%

Market Rank: #6

 

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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.