SEC v. Ripple: Judge grants XRP holders status to assist in future legal briefings


  • Ripple has locked in another major victory as the judge has given XRP holders more power in the ongoing case.
  • Judge Analisa Torres has given the XRP community the status of “amici curiae” in the lawsuit.
  • Token holders would be able to assist the court in briefing legal issues relevant to the SEC v. Ripple case.

The Securities & Exchange Commission (SEC) v. Ripple case has taken a turn as the judge on the case granted the power to a prominent XRP advocate and lawyer representing many of the cryptocurrency’s holders to be a part of the ongoing legal battle.

XRP holders granted ‘amici status’

John Deaton, a lawyer who represents XRP token holders wishing to insert themselves in the ongoing lawsuit filed by the SEC, has been granted “amici status” by US District Judge Analisa Torres. 

Deaton and XRP holders would be allowed to act as “friends of the court,” by assisting the court in briefing legal issues relevant to the case. However, these legal issues must be first approved in advance by the court.

According to the order by the judge, the court believes that this type of assistance would be beneficial during the briefing of dispositive motions. The order further stated that it may also exercise its discretion to request or deny further applications.

Another notable lawyer familiar with the case, James Filan commented that this is a “huge win” for the XRP community, because the interests of the Ripple executives and the community are aligned.

However, it is also worth noting that the XRP holder’s motion to intervene in the case is denied despite the capacity to be involved in the case as amici curiae. The court further stated that in order to maintain the balance between the parties and Ripple investors, the court will not allow the community to offer evidence or present witnesses.

XRP bulls catch their breath before heading higher

XRP price has broken out of the symmetrical triangle pattern and attempted to reach the bullish target set out by the governing technical pattern. However, Ripple fell short of reach as strength declined, as the bulls are catching their breath before the next run-up.

The optimistic target set out by the triangle pattern was set at $1.11, where the 100 twelve-hour Simple Moving Average (SMA) sits. 

Currently, Ripple is consolidating and accumulating strength before its next move as it continues to trend sideways. XRP price is ranging between the 27.2% and 38.2% Fibonacci retracement levels at $1.01 and $1.07, respectively. The former acts as the first line of resistance for the token, where the 50 twelve-hour SMA rests.

XRPUSDT

XRP/USDT 12-hour chart

Should XRP price be faced with increased selling pressure following its rally, Ripple would discover further support at the 20 twelve-hour SMA before dropping toward the September 21 high at $0.95. If the bears were to continue to take control, the token would discover a strong foothold at the apex of the triangle, where the support line given by the Momentum Reversal Indicator (MRI) and 200 twelve-hour SMA coincide.

The next target for the bulls is to break above $1.07 resistance and tag the 100 twelve-hour SMA at $1.10. Further buying pressure may incentivize XRP price to shoot for the 50% Fibonacci retracement level at $1.13.

 


Like this article? Help us with some feedback by answering this survey:

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

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bank of America bullish comments on metaverse push Axie Infinity and Sandbox closer to breakout

Bank of America's strategist made bullish remarks about the metaverse, triggering a spike in interest in Axie Infinity and Sandbox tokens. The rices of the two metaverse tokens continue climbing with increased interest from investors. 

More Axie Infinity News

Polkadot price ready to breakout after DOT forms double bottom

Polkadot price began turning around and moving higher on November 28. It is currently resting on support after a brief pull-back, with the potential for using this floor as a launchpad higher. A resumption of the bullish impulse will provide fresh confirmation for the new uptrend.

More Polkadot News

Bitcoin Weekly Forecast: The bull and the bear case for BTC

Bitcoin price saw a recent bullish impulse that faced massive headwinds before it tagged a crucial psychological barrier. With directional bias and choppy price action, BTC is likely to experience massive volatility as the situation resolves over time. 

More Bitcoin News

Berkshire Hathaway’s Charlie Munger wants US to ban cryptos like China

Charlie Munger considers cryptocurrencies bad for people and backs China on its cryptocurrency ban.In his previous interviews, Munger has shed light on the concept of “speculative excess” and “asymmetry of wealth.” 

More Cryptocurrencies News

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!

BTC

ETH

XRP