Ripple hovers around $0.53 as SEC files its reply under seal, XRP holders await public redacted versions
- Ripple lawsuit sees SEC file its reply under seal, alongside supporting exhibits.
- The documents’ public redacted versions will be filed by Wednesday, May 8.
- XRP is hovering around $0.53 after rallying to a $0.57 high on Monday.
Ripple (XRP) lawsuit’s latest development is Securities and Exchange Commission (SEC) filing, under seal. The regulator has filed its reply brief and supporting exhibits and the documents will be made public on Wednesday, May 8.
The next key deadline in the lawsuit is May 13 By this date, both parties are expected to file motions to seal all remedies-related materials from recent proceedings.
Daily Digest Market Movers: Ripple and SEC to confer and redacted version of the filing will be out soon
- The SEC alleged that Ripple had violated securities laws and asked the court to fine the payment firm $2 billion in penalties for unregistered sale of XRP tokens to institutions.
- The two parties are currently debating the “expert material” status of SEC’s Chief Assistant Accountant Andrea Fox’s statements, per latest filings from Ripple and the regulator.
- The SEC filed its response to Ripple’s brief on Monday, May 6, alongside supporting exhibits.
- The filing is under wraps and the firm is expected to meet the regulator, concur on parts that need to be redacted before making them available for public view, per attorney James Filan’s update on X.
#XRPCommunity #SECGov v. #Ripple #XRP The @SECGov has filed, under seal, its remedies reply brief & supporting exhibits. These documents are not yet public. Public, redacted versions will be filed by Wednesday, May 8, 2024. Other sealing-related filings will follow. See below. pic.twitter.com/ENnkh6oW9H
— James K. Filan (@FilanLaw) May 6, 2024
- On May 13, both parties are expected to file omnibus-letter motions to seal all materials relating to remedies-related briefing, including briefs, declarations and supporting exhibits.
- May 20 is the deadline for the payment remittance firm and Ripple to file their opposition to the briefs.
Technical analysis: XRP hovers around $0.53 as traders digest updates in lawsuit
Ripple rallied to a high of $0.57 on Monday as the SEC filed its reply brief under wraps. XRP is hovering around $0.53, a key level for XRP in the past five days. The green histogram bars on the Moving Average Convergence Divergence indicator and the recent crossover above the signal line, support XRP price gains.
XRP faces immediate resistance at $0.5574, the 61.8% Fibonacci retracement level of the decline between April 9 top of $0.6431 to April 13 low of $0.4188.
XRP/USDT 1-day chart
XRP could find support at $0.50 in the event of a decline in price.
Bitcoin, altcoins, stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
