Ripple vows for immediate resolution in SEC lawsuit, claiming XRP isn’t a security
- Ripple price posted 5% gains overnight, and the payment giant opposed the US Securities and Exchange Commission’s request for an extension of time.
- Ripple CEO Brad Garlinghouse and co-founder Chris Larsen addressed the judge in a letter, arguing the court should deny SEC’s request.
- Analysts believe the Ripple price rally could push the altcoin to break resistance and continue the uptrend.
Ripple price started an uptrend as the payment giant maintained a stand on the sale of XRP tokens. Ripple argues XRP is not an unregistered security and asked Judge Sarah Netburn to reject the SEC’s request for an extension in the lawsuit against the payment giant.
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Ripple requests Judge Netburn to reject the SEC’s demand for extension
Ripple price started an uptrend as the payment giant criticized the Securities & Exchange Commission’s (SEC) demand for an extension of time in the SEC vs. Ripple lawsuit. Brad Garlinghouse, the CEO of Ripple along with co-founder Chris Larsen, addressed Magistrate Judge Sarah Netburn and argued that the court deny the SEC’s request to allow a “brief extension.”
The SEC requested an extension to state its intentions on conducting additional discovery. The regulator filed the request on March 21, 2022. The payment giant has criticized the regulator’s request. The SEC argued that the extent of the discovery they wish to take is unclear and needs additional time to decide whether it is required.
Analysts have evaluated the Ripple price trend and predicted a rally in the altcoin. @TrendRidersTR, a crypto analyst and trader, noted a bullish rider band in the Ripple price chart. This implies a trend reversal in the altcoin. The analyst argues that the Ripple price could break resistance and continue its uptrend.
A bullish Rider Band on $XRP, impressive.
— Trend Rider (@TrendRidersTR) March 22, 2022
Also is breaking resistance.
Let's see if it confirms tomorrow.#ALTSEASON pic.twitter.com/Rup5UCl6GS
Analysts have set a target of $1.13 for Ripple price and predicted a breakout in the altcoin.
Wow, look at this $XRP breakout!#XRP #Ripple pic.twitter.com/Ee8fkyKc2W
— Crypto Rover (@rovercrc) March 21, 2022
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.
