Ripple vs. SEC Lawsuit: Ripple Files for Disclosure of SEC Staff Crypto Holdings

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The Ripple team recently filed a motion to force members of the United States Securities and Exchange Commission to disclose their XRP holdings. If granted, the motion would reveal documents on whether SEC staff are permitted to trade cryptocurrencies.

The motion filed by the legal team of the payment solutions company also intends to unearth the Commission’s preclearance judgment on XRP, Bitcoin, and Ethereum. In simpler terms, it aims to discover data on any policy preventing SEC employees from trading these cryptocurrencies.

The motion allows for the submission of information anonymously, either individually or in an aggregated format. According to a reading from the filing, the SEC failed to implement any policy restricting its staff from trading crypto until January 2018. The filing noted that this delay would have given SEC employees a window to invest in XRP.

If Ripple’s argument is valid, the Commission would have established stricter regulations on Ripple than on its staff. The filing explained that:

“That fact undermines the SEC’s allegations that the Individual Defendants were reckless in failing to determine as early as 2013 that offers and sales of XRP were securities.”

Key Ripple Levels to Watch — September 1

XRP/USD posted a sharp recovery yesterday, following a 13% rally, which saw the cryptocurrency peak at $1.2435. However, the sixth-largest cryptocurrency fell back below the $1.2000 line and touched the $1.1500 support, all within 24 hours.

That said, bulls continued to retest the $1.2000 mark to no avail, indicating that this level could spur a bullish rally if broken soon. Given the current sentiment in the broader market, we expect a sustained break above the $1.2000 resistance in the coming hours. This bullish break could lead to several consecutive bull runs to the $1.3500 level and possibly higher.

Meanwhile, our resistance levels are $1.2000, $1.2700, and 1.3250, and our support levels are $1.1150, $1.1000, and $1.0500.

Total Market Capitalization: $2.10 trillion

Ripple Market Capitalization: $56 billion

Ripple Dominance: 2.65%

Market Rank: #6

 

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