Recent XRP 60% Pump Is Just A Warmup, Says Analyst Ben Armstrong
Top analyst Ben Armstrong from Bitboy Crypto updates the recent news on SEC and Ripple Labs case and the potential catalysts that could ignite XRP next rallies.
According to the trader, XRP has been on a tear this week, smashing through key resistance at around $1.10 and then shooting up to a recent high of $1.35 before coming down to successfully test support.
When talking about the ongoing case between the SEC and Ripple Labs, the trader points out that SEC seems to be losing the case:
“First, we saw them submit a request for Ripple to hand over terabytes of Slack messages as potential evidence. Then Ripple countered by filing a motion compelling the SEC to produce their own internal memos. Meanwhile, that fact discovery is now going down to the wire in a nail-biting season finale.”
In addition, on Monday, Ripple’s attorneys responded with a letter to Judge Netburn outlining why the SEC’s overbroad request is extraordinarily burdensome and highly disproportionate, especially in light of the massive amounts of legal discovery already produced.
He also explained why this last-minute request showed a desperate change in strategy: “Namely because they’re specifically requesting Slack communications from Ripple’s marketing team. Since it looks like they can’t win the securities argument from a technical standpoint, their new tactic is to focus on how XRP was advertised, whether they sold what wasn’t security and it made to look like a security.”
At the end of the video, the trader cites a forgotten update about Ripple that would help it sustain the upcoming rally. As he says, Energy Web is starting with Ripple in its bid to make crypto provably green.