Ripple vs. SEC: Court Rules Against SEC’s Request for Ripple Legal Memo
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The United States Securities and Exchange Commission has suffered a setback in its ongoing case against Ripple Labs. Magistrate Judge Sarah Netburn ruled against a motion by the SEC to gain access to Ripple’s private memos discussing the sale of XRP with its lawyers.
The Commission sought to prove that Ripple had thought it possible that XRP could be a security but went ahead without due process nonetheless.
The ruling got passed yesterday by Judge Netburn of the District Court for the Southern District of New York, who has presided over the case since its commencement.
One of the primary issues of the case between the SEC and Ripple centers around “fair notice.” Ripple alleges that the SEC failed to issue a fair notice that they broke securities regulations. The San-Francisco-based company cited the eight long years it took the agency to file a case as proof.
Meanwhile, the US Justice Department and FinCEN previously declared that XRP was a convertible virtual currency. Furthermore, Ripple noted that former SEC director of corporate finance Willam Hinman asserted that Bitcoin and Ethereum were not securities.
Ripple has shifted the spotlight of the case on SEC, its actions, and its utterances.
Key Ripple Levels to Watch — May 31
Ripple has rallied sufficiently well in the early hours on Monday as the crypto market regains bullish traction. While the sixth-largest cryptocurrency still trades within a consolidation range, it appears to have developed an upward bias, highlighted by the trendline.
That said, bulls will put their focus on the $1.0500 resistance level for bullish clues. A break above that level could propel XRP to higher levels and set it on course to full recovery.
However, failure to clear the resistance level should send the cryptocurrency back to the base of the consolidation range ($0.8400), which coincides with the ascending trendline.
Meanwhile, our resistance levels are $1.0500, $1.1000, and $1.2000, and our support levels are $0.9000, $0.8000, and $0.7000.
Total Market Capitalization: $1.58 trillion
Ripple Market Capitalization: $46.1 billion
Ripple Dominance: 2.93%
Market Rank: #6
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