Ripple Lawsuit: SEC Receives Fresh Blow after Latest Court Ruling

Ripple Lawsuit: SEC Receives Fresh Blow after Latest Court Ruling

The U.S. Securities and Exchange Commission (SEC) received a fresh blow as Magistrate Judge Sarah Netburn granted Ripple to serve subpoenas and authenticate videos of public remarks by the regulatory agency's officials.

The SEC slapped Ripple and two of its senior execs with a lawsuit in December 2020. The financial regulator had accused them of trading $1.3 billion worth of XRP tokens as securities without registering the assets.

However, things have begun to turn south for the SEC. Well-known lawyer James Filan revealed the details of the latest win for Ripple. The agency had earlier objected to Ripple's request to authenticate videos and insisted that it would only consent to the request if the defendants agreed to reopen discovery.

The goal behind SEC's move was to serve several subpoenas so that it could obtain video material that would bolster its own claims.

While the judge ultimately dismissed SEC's condition, many Ripple proponents were irked by its response. Filan asserted that the SEC's response has been "an abuse of the judicial process and a waste of the Court's time." He accused the regulator of waiting five days to "file a one-sentence response" and misconstrued Ripple's original request even then.

Lately, the SEC has been receiving a string of defeats, and the authentication of the remarks made by the regulator's officials is likely to strengthen Ripple's defense against accusations made by the plaintiff.

Despite Ripple gaining a huge win in the SEC case, the native token of the blockchain continues to hover between $0.3 to $0.39 over the last two months. This current sluggishness is severely pinning and stopping the bulls from making any move in the upward direction.

XRP Price Analysis 

On the daily chart analysis, XRP showed bullish signs with its signature higher highs and higher lows. But, the bulls are not intensifying further, halting the token's price from moving northwards.

According to CoinMarketCap, XRP is changing hands at $0.3759 with a 1.20% price gain over the last 24 hours. A few days back, XRP surpassed the 100-day moving average and tapped the key resistance levels of $0.39 – $0.42. If the bulls manage to cross the above price range, then XRP is expected to shoot above the 200-day moving average.

On a bearish note, if the token cannot breach key resistance, the price may decline to $0.33 with a quest for a retest in the zone. A possible uptick from $0.36 may propel XRP price to shoot towards $0.50, culminating in a dream swing trade hinting at as much as a 40% gain.

Asia Remains Open to Ripple

Despite Ripple facing severe regulatory pressure from the U.S. (Securities and Exchange Commission), the Asian countries are taking full advantage of Ripple and incorporating XRP into their operations. Ripple's latest study shows that 76% of financial institutions worldwide will use blockchain and cryptocurrencies by 2025, and the company wants a more significant piece of that pie. 

Keep this in mind, Ripple's expansion into Asia, where technology has helped it to become one of the fastest-growing regions in history, makes the most sense.

Disclaimer: The author's comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR  (do your own research)

Related Stories

No stories found.
Voice Of Crypto