Lawyer Joseph Hall, who previously worked at the U.S. Securities and Exchange Commission, said there is a “good chance” that the SEC “loses all merit” in the case against Ripple. very well why the watchdog decided to bring this case.
A battle that never ends
The legal confrontation between the US Securities and Exchange Commission (SEC) and blockchain firm Ripple has been going on for over a year. It all started in December 2020, when the financial regulator filed a lawsuit against the company and two of its executives. . The SEC alleged that they traded $1.3 billion worth of XRP tokens as securities without proper asset registration. Since then, the battle between the two parties has seen several twists and turns. In August 2021, Ripple defendants accused some SEC officials of having holdings in XRP, while the Commission made a point by gaining access to Ripple’s missing internal Slack messages shortly afterwards. Ripple’s desire to create speculative XRP trading.” Prior to that, the blockchain company refused to deliver a substantial portion of communications citing a processing error as the reason. According to attorney Joseph Hall, however, Ripple appears to have the upper hand in the legal war. It is worth noting that early in his career, he spent two years on the Commission serving as the Managing Policy Executive under President William H. Donaldson. In a recent podcast with Tony Edward, Hall said he is “baffled why the SEC decided to bring this case.” In his opinion, the watchdog has “a good chance of losing all merit” in the process. Hall said that he is “perplexed why the SEC decided to bring this case.” It is worth noting that the XRP community is firmly against all charges. Despite their sheer numbers and their willingness to tip the case in Ripple’s favor, they will not have “any sort of decisive role in what the judge determines,” Hall opined. before the end of 2022:
“I stand by what I said a long time ago. There will likely be no serious settlement negotiations until the SEC delivers the documents.”
In November last year, Brad Garlinghouse – CEO of Ripple – claimed that the legal process was going in his company’s favor. The executive highlighted that the judge leading the case has been addressing “good questions” as he “realizes that it’s not just about Ripple”, and the outcome of the legal battle will have a broader impact.
Ripple Price Analysis: XRP Recovers $0.70
According to analyst Duo Nine, XRP has dropped from the pennant back to main support. Now the price is trying to go higher.Main support level: $0.70Main resistance levels: $0.75, $0.96This latest drop in XRP has turned the indicators bearish. However, the main support at $0.70 held well and now the price seems to rebound. It’s important to see how far you can go before you face resistance. Key levels to watch out for include $0.75 and $0.96.Trading volume: The volume during the last dip was high, but now the buyers have come back strong, which has driven the price up.RSI: The daily RSI dropped below 50 points and made a deeper low. Ideally, the RSI should move above 50 points and try to make another low.MACD: The daily MACD completed a bearish cross three days ago, and momentum favors bears now. The price may be rejected at $0.75 because of this.O bias current of XRP is neutral. Major support prevented the price from dropping lower.Short-term forecast for XRP price: Expect XRP to test key resistance at $0.75. If this level is not broken, the sell side will take over the price action once again. XRP should strive to reach a more significant high, otherwise major support could come under pressure again.Better understand the case of Ripple facing the SEC:Disclaimer: This content is not investment advice. The information found does not represent the opinions of Cointimes on the purchase and sale of any investments. You are advised to carry out your own research before making any investment decisions. Use the information provided at your own risk. NovaDAX is completing three years! One of the largest cryptocurrency exchanges in Brazil turns three in November and you win! There will be up to 30 currencies with zero fee for transactions and more than 80 currencies listed, with cash available on the spot and high liquidity. Cryptocurrencies with the best rates on the market! Simply activate the free Novawards program and enjoy reduced rates of up to 75%. Discover the NovaDAX Card and order yours now.