• The legal team behind Ripple has filed a new document on behalf of the blockchain firm’s CEO Brad Garlinghouse.
  • The filing requests documents from crypto exchange Binance to challenge the SEC's claims in the $1.3 billion lawsuit.
  • Ripple argues that most of the XRP sales did not occur in the United States. 

A new filing has revealed that crypto exchange Binance may have relevant documents associated with the Ripple lawsuit filed by the US Securities & Exchange Commission (SEC).

Binance has relevant documents in Ripple lawsuit

As part of the latest developments in the SEC v. Ripple lawsuit, cryptocurrency exchange Binance has been said to have documents relevant to the case.

The legal team behind Ripple CEO Brad Garlinghouse has made a filing with the Southern District of New York, seeking documents from Binance Holdings Limited, a subsidiary of the digital asset exchange based in the Cayman Islands.

According to the filing, Ripple believes that Binance has documents “relevant to the case and unobtainable through other means.” The document further asked the court to issue a letter of request for the Cayman Islands Central Authority to seek evidence from the digital currency exchange.

Ripple lawyers are challenging SEC claims that the blockchain firm’s CEO sold over 357 million XRP to investors worldwide through digital asset trading platforms. 

The legal team has filed for the motion to obtain against the regulator’s claim under Section 5 of the Securities Act of 1933, which only applies to domestic sales and offers of securities, in contrast to the agency’s statement of global violation.

As a result, the documents that the Ripple lawyers requested of Binance may demonstrate evidence in support of the claim. The legal team stated that the SEC has knowledged that Garlinghouse’s XRP tokens sales were mainly made on crypto exchange platforms outside of the United States jurisdiction.

Since the filing, Ripple CEO Brad Garlinghouse's motion to obtain international discovery has been granted, and the case continues as a settlement does not appear to be on the table. 

XRP price momentum slows down

XRP price continues to consolidate after its swing high on August 1. Ripple was rejected by the 200-day Simple Moving Average (SMA) that acted as stiff resistance and has further slid down below the 50% Fibonacci retracement level at $0.719.

Consequently, XRP price is now exposed to an 8% decline, should Ripple slice below the 61.8% Fibonacci retracement level at $0.669, further tagging the next downside target of the 50-day SMA at $0.659. The trading volume of the cross-border remittance token has also diminished, which indicates that buyers are nowhere to be found.

The cross-border remittance token should discover meaningful support at this level. However, should further selling pressure materialize, Ripple could fall into the demand barrier, extending from the 78.6% Fibonacci retracement level at $0.598 to $0.659.

XRPUSDT

XRP/USDT daily chart

It appears that the upside potential for XRP price remains limited, constrained by the first level of resistance at the 38.2% Fibonacci retracement level at $0.768. The second obstacle for Ripple is the 200-day SMA at $0.783, which has trapped the token under this technical level with minimal bullish momentum for over a month.

Should XRP price manage to break above the two aforementioned resistance levels, Ripple could target the 27.2% Fibonacci retracement level at $0.815 next.


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

XRP struggles to make comeback above $0.50 as Ripple CEO will face trial

XRP struggles to make comeback above $0.50 as Ripple CEO will face trial

XRP remains range-bound under the $0.50 resistance on Friday after news that Ripple CEO Brad Garlinghouse will have to face a trial in California regarding some statements he made in 2017. 

More Ripple News

Bitcoin Weekly Forecast: Is BTC out of the woods?

Bitcoin Weekly Forecast: Is BTC out of the woods?

Bitcoin appears poised for a slight decline this week, influenced by factors such as the German Government's deposit of over 1,700 BTC in exchanges, decreasing outflows in US spot ETFs, and on-chain data indicating no signs of BTC DeFi liquidation.

More Bitcoin News

1Inch looks poised for downward correction

1Inch looks poised for downward correction

1inch price moves lower by 3% on Friday after being rejected by the 200-day Exponential Moving Average on Thursday. On-chain data shows a decline in Development Activity, signaling negative sentiment among 1INCH investors. 

More Cryptocurrencies News

LayerZero ZRO token tumbles 24% in 24 hours, hit by airdrop-related controversy

LayerZero ZRO token tumbles 24% in 24 hours, hit by airdrop-related controversy

LayerZero’s ZRO token airdrop went live on Thursday, with a claiming mechanism called Proof of Donation. The team requires 10 cents in USDC, USDT or Ether per ZRO token with the aim to weed out manipulative Sybil entities. 

More Cryptocurrencies News

Bitcoin: Is BTC out of the woods?

Bitcoin: Is BTC out of the woods?

Bitcoin (BTC) appears poised for a slight decline this week, influenced by factors such as the German Government's deposit of over 1,700 BTC in exchanges, decreasing outflows in US spot ETFs, and on-chain data indicating no signs of BTC DeFi liquidation. Technical indicators suggest BTC might experience a 3% correction in the near term before continuing its upward trajectory.

Read full analysis

BTC

ETH

XRP