SEC vs. Ripple: SEC Denies Possession of Crypto Materials Requested by Ripple Labs

SEC vs. Ripple: SEC Denies Possession of Crypto Materials Requested by Ripple Labs

Although Ripple Labs recently filed for a dismissal of the ongoing lawsuit with the Securities and Exchange Commission (SEC), the cryptocurrency company still faces multiple challenges. Despite the recent ruling by Judge Sarah Netburn, which allowed for the discovery of SEC documents on Bitcoin, Ethereum, and Ripple (XRP), the securities agency may have a case over Ripple.

Firstly, the SEC has pushed back against the ruling allowing for the revelation of private documents on the previously mentioned cryptocurrencies by denying having the materials.

Also, new reports show that Judge Sarah Netburn excluded the discovery of internal communications at the SEC in her ruling for Ripple. The regulator has now taken this development as a win. Judge Netburn noted that:

“I am going to authorize discovery both as to exclusively Bitcoin or Ether communications as well as XRP communications between the SEC and third parties. I am not including SEC-to-SEC internal communications in that ruling.”

Former director of the SEC, William Hinman, highlighted the decentralization of Bitcoin and Ethereum networks, stating that the two were digital assets and not securities. That said, any discovery where the SEC drew similarities between the top two crypto-assets and Ripple would be crucial to Ripple’s defense.

Jeremy Hogan, an attorney familiar with the case, noted that the Judge’s ruling was a nuanced decision, adding that it only included SEC and third-party correspondence but not internal documents.

Key XRP Levels to Watch — May 5
Ripple is recovering from its recent dip to the $1.3250 support yesterday, as the broader market momentum remains immensely bullish. A break above the $1.5000 psychological resistance should help the fifth-largest cryptocurrency regain its bullish momentum and push towards the $1.6500 level, once again.

XRPUSD – Hourly Chart

However, an unlikely descent beneath the $1.4000 support level could send the XRP into consolidation between $1.4500 and $1.3800.

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: $2.3 trillion

Ripple Market Capitalization: $66.2 billion

Ripple Dominance: 2.89%

Market Rank: #5

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.