Ripple calls out the SEC for picking winners and losers in the XRP battles for regulatory clarity. Larsen and Garlinghouse attorney’s express intention to file a motion dismissal. XRP’s on-chain metrics remain bullish despite a weak technical picture. Ripple is not ready to leave any stoned unturned amid the legal battle to save XRP from the Securities and Exchange Commission (SEC). During a court filing on Tuesday, the cross-border payments company pointed out that the regulator is moving forward with the narrative that XRP is a security token while leaving its peers, Bitcoin and Ethereum, untouched. The SEC is deciding the winners and losers with the XRP fight The SEC filed a lawsuit against Ripple Labs Inc., the company behind the issuance of XRP and its top executives, in December. The SEC alleges that the blockchain start-up, the co-founder Christian Larsen and the Chief Executive Officer Bradley Garlinghouse, duped investors into buying $1 billion of issued virtual tokens without duly being registered. According to Ripple Labs, the SEC has no business regulating XRP because it a medium of exchange. The company stresses that XRP is utilized in international and domestic transactions; thus, it is not a security. Ripple reckoned that: The SEC’s filing, based on an overreaching legal theory, amounts to picking virtual currency winners and losers as the SEC has exempted Bitcoin and Ether from similar regulation. On Friday, a Bloomberg report said that the attorneys for Larsen and Garlinghouse had separately written to United States District Judge Analisa Torres detailing their anticipated motion to dismiss the regulators revise the complaint. Ripple’s on-chain metrics scream ‘buy’ XRP may have a shaky technical picture, especially with the stubborn resistance at $0.45, but the token’s on-chain metrics reveal the possibility of a massive recovery taking effect. For instance, the MVRV recently dropped into the buy zone, suggesting that it was time to go all-in on XRP. The MVRV tracks “average profit or loss of those holding XRP tokens which moved in the last 30 days.” The model is then adjusted to reflect the price when each of the XRP tokens last moved. A high MVRV highlights that most of the holders in profit are likely to sell. On the other hand, a small ratio, or below zero, suggests that most holders are at a loss and are not likely to sell. Meanwhile, the current MVRV ratio is below zero but has started to rise, suggesting that XRP could see an influx of buyers as prices grow appreciably. Ripple MVRV The bullish outlook has been echoed by the holder distribution chart, which vividly shows XRP whales filling their bags massively. Addresses containing between 1 million and 10 million XRP recently bottomed out at 1,131 on February 21. A recovery ensued, and these addresses have grown to 1,163 at the time of writing. If the whales continue with the buying spree, the tailwind on XRP will soar, pushing the token to higher levels. Ripple holder distribution The lawsuit against Ripple has been the main factor behind its unappealing performance in the ongoing bull run. Most investors are skeptical of the outcome of the lawsuit and prefer to stay away from XRP. Therefore, the token may continue to struggle with its recovery until a clear XRP’s future emergence. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next GBP/USD hangs near weekly lows, just above mid-1.3800s FX Street 1 year Ripple calls out the SEC for picking winners and losers in the XRP battles for regulatory clarity. Larsen and Garlinghouse attorney's express intention to file a motion dismissal. XRP's on-chain metrics remain bullish despite a weak technical picture. Ripple is not ready to leave any stoned unturned amid the legal battle to save XRP from the Securities and Exchange Commission (SEC). During a court filing on Tuesday, the cross-border payments company pointed out that the regulator is moving forward with the narrative that XRP is a security token while leaving its peers, Bitcoin and Ethereum, untouched. The SEC is deciding… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.