• Experts believe a ruling in the SEC vs. Ripple case is expected within the next few days, Hinman memos could be released to the public soon. 
  • Ripple counsel slams the SEC for trying to bully, bulldoze and bankrupt crypto innovation in the US instead of expanding regulatory territory. 
  • XRP price recovers from the recent slump; analysts expect a continuation of altcoin's uptrend. 

UPDATE: XRP price has found support above key psychological level $0.30 after some positive developments in the Ripple vs SEC court saga. James K. Filan, defense attorney of Ripple Labs' CEO and Chairman Brad Garlinghouse and Christian Larsen, released a letter to Judge Torres stating the defendants had no objection to the SEC's sealing off exhibits. According to another Ripple attorney, Fred Rispoli, this means the SEC chances of winning are diminished, as "the court will have ten less documents in evidentiary record to review", while Ripple will be able to claim that "SEC had yet another chance to produce more docs to support its contention yet passed on the opportunity." Ripple price has retraced less than most of its cryptocurrency peers in the recent market bloodbath, and could have big bullish potential if this court saga againt the SEC continues to trend toward their direction.

Ripple's counsel, Stu Alderoty, has slammed the US Securities and Exchange Commission for stifling crypto innovation in the US Experts believe the SEC vs. Ripple case could soon draw to a close. 

Ripple lawyers condemn the US SEC's move

Ripple's general counsel Stu Alderoty slammed the US Securities and Exchange Commission for attempting to "bully, bulldoze, and bankrupt" crypto innovation in the US to expand its regulatory territory. 

Alderoty was quoted as saying,

By bringing enforcement actions–or threats of potential enforcement–the SEC intends to bully, bulldoze, and bankrupt crypto innovation in the US, all in the name of impermissibly expanding its own jurisdictional limits. Like a hammer wanting everything to be a nail, the SEC is keeping everything murky so it can argue every crypto is a security

The SEC's "assault on all crypto in the US" has been condemned by Ripple's counsel. 

Experts believe the SEC's legal battle against payments giant Ripple could draw to a close soon. Ripple's counsel is battling to have memos sent by legal advisers to William H. Hinman, the former Director of the Division of Corporation Finance, that he then used in the writing of a key speech, released and brought into evidence. While the SEC claims that Ripple was sold as an unregistered security, the defendant argues that Hinman's speech affirms that XRP is a digital asset, not a security, similar to Bitcoin and Ethereum. 

Analysts argue Ripple price could recover 

Bob Mason, a leading cryptocurrency analyst, evaluated the Ripple price trend and noted that avoiding a fall through the $0.324 pivot could ensure that the altcoin tests its first significant resistance at $0.36. There is broad support at $0.34, the 50-day EMA. Once Ripple begins its uptrend, XRP could test the 100-day EMA at $0.37. 

FXStreet analysts disagree and argue that XRP price could plummet; for more information, watch this video:

 

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 Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Shiba Inu price edges close to a 60% breakout as bears watch in disbelief

Shiba Inu price edges close to a 60% breakout as bears watch in disbelief

Shiba Inu price has managed to stay above the POC at $0.0000118, indicating support from bulls. A continuation of this momentum could trigger a 60% rally to $0.0000200. A daily candlestick close below the $0.0000106 support level will invalidate the bullish thesis for SHIB.

More Shiba Inu news

XRP price attempts a 15% rally on Ripple’s interest in buying Celsius' assets

XRP price attempts a 15% rally on Ripple’s interest in buying Celsius' assets

XRP price shows a willingness to move above a significant resistance level, which it has attempted to do so for the past three months and failed each time. While this attempt is like any other and could fail, especially if the momentum is lacking. 

More Ripple news

Avalanche price makes a turn for the better

Avalanche price makes a turn for the better

Avalanche price shows classic ramping pattern accompanied with price ascension. AVAX price has breached the oversold level on the Relative Strength Index. If the technicals are correct, a breach of the $50 barrier could happen rapidly.

More Avalanche news

Binance Coin Price Prediction: Whales take naps at the shore

Binance Coin Price Prediction: Whales take naps at the shore

Binance coin shows reasons to believe in a market bottom. Traders should keep the smart contract giant on their watchlists throughout the summer. Binance coin price is beginning to show evidence of strength.

More Bitcoin news

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis

BTC

ETH

XRP