XRP price ready for liftoff, more proof that this is the last chance to buy

Ripple is making strides towards a victory in the legal battle against the SEC. John Deaton, impartial adviser to the court and representative of 72,000 XRP holders, believes Ripple is at an advantage. 

Also read: SEC v. Ripple update: Regulator argues Hinman’s speech is not relevant to the lawsuit

SEC v. Ripple case update, is the regulator overreaching?

John Deaton, amicus curiae (impartial adviser to the court) in the SEC v. Ripple case, commented on the SEC’s overreach in the legal battle with the payment giant. Deaton believes that Gary Gensler, the Chairman of the SEC, is intent on expanding the agency’s power beyond constitutional boundaries. 

Gensler wrote in an op-ed:

There’s no reason to treat the crypto market differently from the rest of the capital markets just because it uses a different technology.

The SEC has limited jurisdiction over the crypto industry, while the front line regulation of cryptocurrencies belongs with the Commodities and Futures Trading Commission (CFTC). The CFTC is the main regulator of digital assets that are not deemed traditional securities. Deaton therefore argues that the SEC’s battle with Ripple is evidence of overreach. 

Deaton criticizes the SEC’s regulation by enforcement and argues that crypto is the jurisdiction of the CFTC, the agency treading rather lightly around the issue for fear of stifling innovation. 

Why SEC is serving as the cop on the beat

In an opinion editorial, Gary Gensler argues that the SEC will serve as the cop on the beat. Gensler commented on the SEC’s case against BlockFi, a crypto lending and trading platform. The head of the SEC argues that crypto is subject to regulation, the rules have been around for decades and platforms are not following them. Non-compliance is the inevitable result of the crypto business model. 

Gary Gensler, Chairman of the SEC

Gensler said:

As with seat belts in cars, we need to ensure that investor protections come standard in the crypto market.

Ripple is at an advantage with a skeptical judge presiding the case

The SEC v. Ripple case is being heard in Federal Court and Deaton argues that judge Sarah Netburn is a skeptical judge who has made a series of rulings in Ripple’s favor. Judge Netburn has made several rulings in favor of a rational fight against the regulator. Following the court’s rulings, the William Hinman documents (key to Ripple’s defense) are up for discussion, and Ripple is seeking to authenticate these findings with the help of SEC officials. 

While the SEC has refused to authenticate whether it is William Hinman, their former director of Corporation Finance, in a 2018 speech, Ripple’s defense is stronger, bringing the discussion to the table. Check the video below for an excerpt from the speech of William Hinman, where he explains that Bitcoin and Ethereum are not securities. 

XRP price suffered a blow from the SEC’s allegations on its largest public holder Ripple. The altcoin is prepared for a recovery as the case draws to a close. 

XRP recovery is brewing like hot tea

Despite a consistent decline in two key metrics – new addresses joining the XRP network, and the daily active address – Ripple has witnessed a growth in whale activity. Based on data from crypto intelligence tracker Santiment, whale activity on the XRP network has increased. Large value transactions worth $100,000 and above have hit the highest level since May. 

XRP’s weighted sentiment is a metric that takes into account social media relevance, mentions. This metric is key in predicting XRP’s trend reversals. XRP token weighted sentiment is 1.013, highest level since April. 

XRP whale transaction count and weighted sentiment 

Interestingly, XRP enjoys a positive correlation with Bitcoin. In response to a series of liquidations that hit the crypto market over the past seven days, XRP also witnessed $1.5 million liquidations.     

XRP’s price and trade volume have declined consistently since July. Analysts believe this is set to change with XRP’s recovery from the slump. 

Michael Nderitu, a crypto analyst, argues that XRP price chart flashed mixed signals that investors should consider before making the next move. Nderitu expects a bullish recovery around the 2-month ascending support at $0.34. 

XRP-USDT 1-day price chart

Analysts at FXStreet are bullish on XRP. Analysts argue that XRP’s consolidation has ended and the altcoin is ready to break out. For more information and key price levels, check the video below: