Ripple vs. SEC: Amici Curiae Attorney Poses Critical Question for SEC on XRP’s Securities Status
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The Ripple (XRP) community went into an upheaval yesterday, following Attorney John E. Deaton’s latest tweet about his assertions on holding “objective empirical evidence,” which proved that the majority of XRP holders (approximately 60%) had no idea what Ripple was when they invested in the token for the first time. He added that according to the Howey Test, it was impossible to prove that the XRP community was “relying on the promises and inducements of a promoter or company they’re oblivious to.”
That said, the SEC has to answer arguably the most important question; why does XRP hold securities status. This question should get addressed by December 6, making it one of the most critical dates of judgment for XRP holders.
Attorney Deaton received “Amici Curiae” status by the court last month, making him responsible for putting forward brief legal questions and concerns on behalf of “Individual Movants” and the XRP community.
That said, the SEC has upheld its claims regarding XRP’s securities status and has continued to allege that Ripple violated the Securities Act by selling these tokens. However, the Movants argued against this claim last month, noting that if XRP sales were illegal, it means the list of culprits should extend miles beyond Ripple and individual defendants.
Key Ripple Levels to Watch — November 22
XRP slipped below the critical $1.1000 – $1.0500 pivot area again this morning amid a sharp reversal across the broader market. This comes as the cryptocurrency market continues to trade with immense uncertainty towards the end of the month, a critical time for the market.
Already, the seventh-largest cryptocurrency is on track to record a bearish November this year (an uncommon occurrence in cryptocurrency history), which could spell further declines for the token. That said, this week is critical for XRP as it needs to secure a break above the $1.1000 pivot line to, at least break even, to cancel a bearish year-end.
Meanwhile, my resistance levels are $1.1000, $1.1500, and 1.2000, and my support levels are $1.0000, $0.9500, and $0.9275.
Total Market Capitalization: $2.58 trillion
Ripple Market Capitalization: $49.3 billion
Ripple Dominance: 1.91%
Market Rank: #7
