Ripple vs. SEC: XRP Traders Revitalized as Attorneys Mount Tough Argument Against SEC
October 11, 2021
Ripple (XRP) has started the week on a positive footing as buyers troop into the market, following a favorable development for Ripple Labs in the ongoing lawsuit. At press time, XRP trades at $1.1650 with an intraday standing of +2.6%.
Over the weekend, the XRP market recorded heightened volatility as the defendant’s attorneys confronted the US Securities and Exchange Commission (SEC) with evidence from William Hinman’s 2018 speech. According to reports, the former SEC executive stated that he did not vote for Ethereum as a security.
Ripple’s attorneys discovered a series of emails between the Commission and a third party where the SEC adopted a similar stance with Hinman. This discovery contradicts the agency’s previous assertions that Hinman’s comments represented his personal opinions.
This development has revitalized the XRP community’s optimism that the lawsuit could end in favor of Ripple and encouraged recently hesitant traders.
Additionally, the attorneys raised the alarm over the SGC’s refusal to review about 30,000 Requests for Admission (RFA). The team argued that these RFAs would have expedited the legal proceedings, indicating willful ignorance on the part of the agency.
If these arguments hold up in court, it should have a lasting positive effect on the price of XRP and possibly trigger a massive bullish breakout.
Key Ripple Levels to Watch — October 11
XRP finally dismantled the critical $1.1000 barrier on Saturday and reached a peak above the $1.2000 area yesterday. However, the sixth-largest cryptocurrency faced tough resistance above the $1.2000 level, which prompted a slide below the $1.1500 support.
XRP/USD has embarked on a retest mission of the $1.2000 barrier amid a bullish reemergence in the broader crypto market. With that, we expect to see bulls push the price towards the $1.2700 resistance in the coming days.
Meanwhile, our resistance levels are $1.2000, $1.2700, and 1.3000, and our support levels are $1.1250, $1.1000, and $1.0500.
Total Market Capitalization: $2.32 trillion
Ripple Market Capitalization: $53.8 billion
Ripple Dominance: 2.3%
Market Rank: #6