- Updates on SEC v. Ripple lawsuit: Ripple refuses to deliver millions of Slack communications.
- Ripple price sends a buy signal, remains bullish in the near term.
Ripple price has corrected after a 54% rally from $0.878 on August 11 to $1.356 on August 15, a three-month high. However, it has been a bearish week as XRP trades in the red for the third day this week, as the price of the cross-border transfer token is expected to pull-back further.
Even though it has been a bearish week for most coins in the crypto market, it is possible that the dragging SEC v. Ripple case negatively affects the assets price even as the two parties fail to agree on a number of issues.
Ripple Refuses To Deliver Terabytes of Slack Communication
On Tuesday, the cross-border remittances firm formally opposed SEC’s motion to compel the Defendants to deliver terabytes of Slack communications. In a response letter to Judge Sarah Netburn, Ripple’s lead counsel Matthew Solomon points out that SEC’s request was unreasonable:
“The SEC’s disproportionate request is also unreasonably duplicative of Ripple’s extensive production of over one million pages of discovery—including emails, documents, text messages, and responsive Slack messages for 33 custodians.”
Ripple holds that the request from the regulator would take months to honour.
The SEC had previously required Ripple to avail millions of Slack communications and in an opposing application, the blockchain firm stated that the demand was “extraordinary, …burdensome and highly disproportionate.”
The SEC is expected to respond today.
SEC Accused Of Deleting Documents Relevant to The Ripple Case
In another update, SEC has been accused of erasing subtopics relevant to the Ripple lawsuit. Ripple counsel Reid Figel pointed out that some information on page 254 of the William Hinman deposition had been deleted and pointed a figure at SEC.
“Our review of the metadata. If you look to — depends on how you present it, but if you go to the second document, it says on some version of it deleted by Michael Seaman.”, Mr. Reid said.
The deleted information was connected to Hinman’s answer to the question on whether other lawyers came to him “seeking guidance with respect to transactions in digital assets”, different from those to concerning Ripple.
This is the latest update to the lawsuit which could be contributing to the recent dip in XRP’s price.
XRP Price Flashes A Golden Cross
Things might not be that awry for Ripple as the asset sent a buy signal on the 12-hour chart yesterday. This mean happened when the 50 period Simple Moving Average (SMA) crossed above the 200 SMA. This indicates that XRP price prediction is bullish in the near term.
At the time of writing, XRP price is hovering around $1.115 after establishing support at the $1.050. Note that Ripple needs to close the day above the $1.20 level to reverse the recent bearish leg. Note the bullish reversal will be confirmed if the Ripple price breaks out above the August 16 high at $1.367.
Apart from the bullish cross, the position of the MACD in the above the neutral line in the positive region affirms this bullish outlook.
XRP/USD 12-Hour Chart
Failure to close the day above the $1.050 support wall will see Ripple plunge towards he 50 SMA at $0.880 or 200 SMA at $0.853. This bearish outlook is accentuated by the RSI’s movement towards the oversold zone.
- Are you new to crypto trading? Read out guide on crypto brokers to get started.
Looking to buy or trade Ripple now? Invest at eToro!
Capital at risk
Share
Nancy Lubale
