Ripple vs. SEC: Ripple Criticizes the SEC’s Compelling Motions

Azeez Mustapha
8 September 2021 | Updated: 8 September 2021

Ripple (XRP) has filed a response to the SEC’s Letter Motion compelling discovery of Ripple’s internal meetings’ audio-visual recordings. While the defendant noted that the compelled data is under-production but objected that the SEC’s Motion to Compel was “Not Ripe for Judicial Determination.”

The cross-border payments solution company argued against the Commission filing further Motions to compel as the fact discovery phase has elapsed. Ripple also condemns the SEC Motion to compel discovery, noting that it was an “ill-conceived motion practice concerning an issue that is not even ripe for adjudication.”

The defendant noted that the plaintiff could have opted to meet in private if it had any additional queries about the ongoing audio-visual recordings discovery instead of filing “invalid” motions. Ripple noted that it believes the court should deny SEC’s “moot” motion, given that there are no outstanding requests for recording presently in dispute. Also, the defendant appealed to the court to put off future requests by the SEC for further recording.

The payments company also argued against the agency’s vague definition of “documents,” which the plaintiff used in accusing the defendant of failing to discover data via meet and confer. Ripple added that the SEC’s definition of documents is anything “unreasonable broad” and results in a “burdensome and disproportionate” discovery phase.

Key Ripple Levels to Watch — September 8

Along with the rest of the crypto market, XRP suffered a flash crash yesterday to the $0.9250 level, erasing almost four weeks of gains. The market crash got triggered by Bitcoin-related factors and an SEC lawsuit threat to Coinbase.

XRPUSD – 4-Hour Chart

The cryptocurrency now faces the arduous task of climbing back above the $1.3500 area soon. A sustained indecisive momentum at the current level could reinvigorate bears, which drive the price towards the $0.9000 area. At press time, XRPUSD trades at $1.0660, up by 15% from its recent crash.

Meanwhile, our resistance levels are $1.1000, $1.1500, and 1.2000, and our support levels are $1.0500, $1.0000, and $0.9500.

Total Market Capitalization: $2.07 trillion

Ripple Market Capitalization: $50.6 billion

Ripple Dominance: 2.45%

Market Rank: #6

 

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Azeez Mustapha

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.