Ripple vs. SEC: Court Grants Ripple Access to Crucial Binance Documents
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Ripple (XRP) recently filed for the release of crucial documents from Binance to disprove some claims by the SEC in the ongoing legal battle. New reports show that US Magistrate Judge Sarah Netburn has approved this request.
Through its lawyers, Ripple CEO Brad Garlinghouse filed a motion in the Southern District of New York on August 2 to obtain documents claimed to be vital to the case from Binance Holdings Limited.
The filing read that Ripple’s executives “seeks foreign discovery on the basis of his good faith belief that [Binance] possesses unique documents and information concerning the case, and specifically, concerning the process by which transactions in XRP allegedly conducted by Mr. Garlinghouse on foreign digital asset trading platforms were conducted.”
Magistrate Judge Netburn has approved the motion, which means that the court “will communicate with the council to arrange delivery of the letters.”
With the SEC’s securities act applying to only domestic offers and sales, Ripple’s legal team argued that “Mr. Garlinghouse’s sales of XRP were overwhelmingly made on digital asset trading platforms outside of the United States.” The legal team noted that:
“The Supreme Court has held that Section 5 of the Securities Act of 1933, which the SEC alleges Mr. Garlinghouse violated, applies only to domestic sales and offers of securities.”
Key Ripple Levels to Watch — August 6
Along with the broader market, XRP has assumed a dominantly bullish stance. That said, Ripple bulls now have their eyes on the $0.7500 – $0.7800 range, with market sentiment expected to remain bullish as we enter the weekend. The path of least resistance currently tilts to the upside, further bolstering a bullish continuation.
Any decline from the current price level in the medium-term will get repelled by the $0.7000 – $0.6900 pivot zone.
Meanwhile, our resistance levels are $0.7500, $0.7800, and $0.8000, and our support levels are $0.7000, $0.6500, and $0.6000.
Total Market Capitalization: $1.67 trillion
Ripple Market Capitalization: $34.1 billion
Ripple Dominance: 2.04%
Market Rank: #6
