Ripple and SEC clash again as lawsuit becomes even more uncertain

The US Securities & Exchange Commission (SEC) has accused Ripple of harassment in the lawsuit.
The SEC also asked the judge in the case to block Ripple and its executives from accessing internal records.
XRP price plummeted in the last several days, losing 55% of its value.

XRP had a major rally at the beginning of April as investors grew confident in the outcome of the SEC lawsuit. However, the entire cryptocurrency market had a significant crash, and the SEC case outcome is not as straightforward as previously thought.

Ripple gets blocked from accessing various internal records

In the latest events concerning the SEC vs. Ripple lawsuit, the US Securities & Exchange Commission has asked the judge to block Ripple and some of its executives from accessing various internal records because they are not related to the case.

According to the SEC, defendants are harassing them and are trying to derail the focus of the case, stating:

It has become evident through the meet-and-confer process that defendants are seeking to ignore the limitations of this court’s order and to mire the SEC in indefinite discovery disputes and, if successful, document review.

Although XRP investors were spooked out, Ripple and its executives getting blocked from several internal records should not affect the outcome of the lawsuit.

XRP price plummets by 50%,buying opportunity looms

On the Ripple 4-hour chart, the RSI has just reached overextended levels, back below 30, which in the past has proven to be an excellent buying opportunity. The last two times this happened in the last month, XRP price had two 30% rebounds.

XRP/USD 4-hour chart

XRP has also additionally defended the 200 SMA and could be looking for a bounce toward the 50 and the 100 SMA which converge at $1.4.

On the other hand, losing the 200 SMA would be significant as there is almost no support below this point until around $0.60

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed