Ripple vs. SEC Lawsuit: Both Parties File for Summary Judgment
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In two separate motions filed on Saturday by both parties, both plaintiffs and defendants have called for a summary judgment in the US District Court Southern District of New York, headed by Judge Analisa Torres.
In legal proceedings, summary judgments are filed to the courts when one or both parties believe the case has enough evidence on the ground to make a ruling that proceeding with the trial is needless.
Ripple recently argued that the SEC has run out of answers to prove that the company violated any laws with its XRP sales, while the SEC remains headstrong on its belief that it has a case.
Commenting on the issue via Twitter, Ripple CEO Brad Garlinghouse noted that the filings have made it obvious that the regulatory agency “isn’t interested in applying the law.” He further noted:
“They want to remake it all in an impermissible effort to expand their jurisdiction far beyond the authority granted to them by Congress.”
Today’s filings make it clear the SEC isn’t interested in applying the law. They want to remake it all in an impermissible effort to expand their jurisdiction far beyond the authority granted to them by Congress. https://t.co/ooPPle3QjI
— Brad Garlinghouse (@bgarlinghouse) September 17, 2022
Key Ripple Levels to Watch — September 19
After approaching the $0.4000 mark for the first time since late July, XRP suffered a major dump to the $0.3400, effectively erasing bullish efforts recorded over the past few days. The sharp bearish dip comes amid fears of an aggressive rate increase by the US Federal Reserve in its September 21 meeting.
The cryptocurrency regained stability around $0.3400 earlier today and has since posted a 5% recovery. The question now is how will XRP take the ruling by the Fed in its meeting. This is amid the submission of summary judgment filings by Ripple and the SEC.
Meanwhile, my resistance levels are $0.3600, $0.3800, and $0.4000, and my support levels are $0.3500, $0.3400, and $0.3300.
Total Market Capitalization: $926.5 billion
Ripple Market Capitalization: $17.7 billion
Ripple Dominance: 1.91%
Market Rank: #7
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