SEC Sparks Interest in Reopening the Ripple Case
In a letter to Judge Sarah Netburn, Ripple’s lawyers stated that the SEC wants to reopen the case. The defendants have asked the court to allow them to serve non-party subpoenas to the agency to obtain copies of the videos that they claim show improper remarks made by the officials.
Accessing Ripple Videos
The platforms where the videos are stored prohibit unauthorized access to the content. To comply with the court order, the lawyers for the company have to serve subpoenas on the individuals involved in illegally downloading the videos. If the court grants the subpoenas, the SEC will then be able to authenticate the materials.
However, the agency is not interested in granting the defendant’s request to reopen the case. The plaintiff wants the court to allow it to serve its subpoenas to obtain copies of the videos it claims show improper remarks made by the officials.
The defendants have argued that the demands made by the agency are improper since it did not provide the necessary documents during the discovery phase. Meanwhile, the company’s lawyers are also not interested in granting the request to reopen the case.
The defendants have also accused the agency of dragging its feet in filing the case. According to Brad Garlinghouse, the company’s CEO, it has already spent over $100 million on its legal fees.
SEC Massively Overstepped
In an interview last week, the chief executive officer of the blockchain company Ripple discussed the potential consequences of the U.S. Securities and Exchange Commission’s complaint against the company for allegedly violating the registration requirements of the securities offering.
During an interview with Axios, Brad Garlinghouse, the CEO of cryptocurrency exchange Ripple, discussed the SEC’s complaint against the company.
Garlinghouse believes that the SEC overstepped its legal boundaries when it filed a complaint against the company. He also noted that the facts surrounding the case are on the company’s side. He added that he is betting that the law will eventually prevail in the company’s favor.
The SEC’s complaint against the company is overstepped and is trying to take over a gray area in the law. He noted that the agency might be looking to take over something already established.
Ripple Lacks Momentum
Ripple has failed to sustain its bullish move above the previous resistance levels at $0.381. The subsequent drop resulted in the decline of the cryptocurrency.
The current decline might continue until the end of the month. The price targets the support levels of the previous support at around $0.340 and the liquidity at around $0.359. Failure to maintain this level could trigger another attempt to move higher. The best-case scenario is that the buyers step in and take control of the market.
Although the price is currently trading below the support levels of the previous support, a break above the resistance levels of the previous resistance could trigger a potential bounce back up to the upside. Ideally, this would invalidate the negative outlook and allow the market to increase to around $0.439.
XRP Price to the Moon?
The price of XRP has gained 26% in a week as the bulls have been gaining strength. It is now above the median line of a descending channel, considered a bullish sign.
XRP is currently trading at around $0.369. The initial rally from July 27th to the high of around $0.40 on July 30th has formed a clear impulsive wave. The next wave could target the 50% Fib level at $0.48. A break above this level would trigger a significant rally.
The crypto is trading within the invalidation of the current bull market scenario. If the bears break the support at around $0.3250, they could invalidate the entire rally. A fall below this level could cause the price to target $0.24.
