Ripple Not Ready to Settle In Ongoing Legal Battle With SEC
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In an interview with Fox Business’s Charles Gasparino, the Ripple (XRP) legal team asserted that they had no plan to settle the ongoing lawsuit with the United States Securities and Exchange Commission (SEC). The journalist tweeted on Friday that:
“Ripple’s legal team tell Fox Business they have no plans to settle with SEC over a lawsuit on XRP, confident they can show Gary Gensler in pursuing the case is picking winners and losers in the crypto business to the detriment of innovation.”
The SEC vs. Ripple lawsuit began in December last year after the Commission sued the company, its CEO Brad Garlinghouse and Co-founder Chris Larsen for allegedly selling illegal XRP tokens.
When asked why his company did not settle with the watchdog in January, Garlinghouse stated that: “Can’t get into specifics, but know we tried—and will continue to try with the new administration—to resolve this in a way, so the XRP community can continue innovating, consumers are protected, and orderly markets are preserved.”
XRP proponents hope that the recently-installed SEC Chair, Gary Gensler—who lectured on cryptocurrency at the Massachusetts Institute of Technology (MIT)—would throw the case out. Supporters believe that the lawsuit emerged amidst a conflict of interest with the former Chair Jay Clayton.
Key Ripple Levels to Watch — September 20
Ripple suffered a terrible bearish blow in the early Asian session on Monday as the sixth-largest cryptocurrency stumbled by -12% over the past 24 hours. This fall comes after a prolonged consolidation under the 50-day SMA at $1.0850. Bulls failed to defend the critical $1.0500 support, which precipitated a fall to the $0.9500 line.
Following this plunge, bearish momentum appears to have subsided a bit as long traders count their losses. That said, a break below this level, amid loss of control by bulls, could trigger a bearish continuation to the $0.9250 – $0.9000 area. Buyers need to push the price over the $1 mark to ease the bearish pressure.
Meanwhile, our resistance levels are $1.0000, $1.0500, and 1.1000, and our support levels are $0.9500, $0.9275, and $0.9000.
Total Market Capitalization: $1.98 trillion
Ripple Market Capitalization: $44.5 billion
Ripple Dominance: 2.25%
Market Rank: #6
