Ripple vs. SEC: Lawsuit Reaches Summary Judgement Phase

Updated:

The long-drawn SEC vs. Ripple Labs lawsuit has entered its critical Summary Judgement proceedings, with Attorney James K Filan revealing that both parties involved in the case have submitted their motions on the process.

Filan noted that the Exhibit and sub-exhibits submitted by the SEC in the case were about 400. However, he noted that it remained to be seen if the memorandum of Law in support of the motion was filed with the motion as it is under the seal.

The attorney added that in the Telegram case, the motions were filed differently, although he clarified that every lawsuit is different.

Deaton previously toured the possibility of the regulatory watchdog going for a settlement deal with Ripple in the lawsuit.

In other news, on-chain data provider Whale Alert revealed that over the past 24 hours, some massive XRP transactions have been made. According to the platform, about 640 million XRP (worth $211 million using the current exchange rate) had been moved. The platform also noted that Ripple participated in the transactions involving the whale movements.

Whale Alert revealed that 14 transactions, involving between 30 million XRP to 200 million, were made in the last 24 hours. The platform added that the largest transaction saw 200 million XRP tokens move from Bithumb. Other transactions happened on Bitso, Bittrex, FYX, Binance, and Bitstamp.

Key Ripple Levels to Watch — September 14

Ripple suffered a sharp blow yesterday following the release of higher-than-expected US inflation data, indicating that the US Fed is likely to maintain or increase its aggressive quantitative tightening.

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

However, with the Ethereum Merge coming in a few hours, we should see some volatile movements for XRP soon. The immediate target for bulls is the $0.3800 resistance, where, if crossed, the tides could flip to bullish for the payment cryptocurrency. For now, traders are likely on the sidelines to see how the price acts in the run-up to the event.

Meanwhile, my resistance levels are $0.3400, $0.3500, and $0.3600, and my support levels are $0.3300, $0.3200, and $0.3100.

Total Market Capitalization: $992.7 billion

Ripple Market Capitalization: $16.7 billion

Ripple Dominance: 1.69%

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.