Will the SEC secured a win against Ripple have the opposite effect causing XRP price to break out?
The increasingly protracted lawsuits between the United States Securities and Exchange Commission (SEC) and Ripple Labs are evolving. As AZCoin News reported, the agency won to Compel Ripple to search for and turn over internal meetings’ video and audio recordings.
Will the court’s order to Ripple gives the SEC some bullets for its gun
Previously, the lawsuit saw the court direct Ripple in a text-only order to conduct a reasonable search of the relevant video and audio-taped recordings and produce responsive documents of its internal meetings. However, in short, Ripple’s former search of its recorded meetings was concluded as inadequate under the circumstances.
#XRPCommunity #SECGov v. #Ripple #XRP 1/6 Judge Netburn granted the SEC’s Motion to Compel Ripple to search for and turn over video and audio recordings of internal Ripple meetings. But the Order had limitations as described below. Judge Netburn ruled as follows:
— James K. Filan ???? (@FilanLaw) November 8, 2021
Defense lawyer and former federal prosecutor James K. Filan shed light on the same in tweets. At first, the judge, Magistrate Sarah Netburn, acknowledged human review of over 64,000 recordings as unreasonable. However, the defendant was advised to include automated transcriptions of recordings and further use search terms. The hearing read as below.
“Ripple is ordered to conduct a reasonable search of the relevant video and audio-taped recordings and produce responsive documents,” the judge stated.
Although to ease the burden on the search, the court has recommended that both parties meet and discuss to determine a timeline when the recordings are most likely to respond to the search requirements by the SEC. This is indeed a significant blow facing Ripple and its executives.
However, the current results do not surprise this prominent lawyer in the crypto space.
“We expected this Order to go against Ripple. Remember, an Order like this might give the SEC some bullets for its gun (and vice versa when Ripple wins), but the next BIG Order is on the SEC’s motion to strike the Fair Notice Defense. THAT is the bazooka!” Hogan stated.
Other community members also described their stories. Needless to say, while XRP community members support the Fintech company, others say the opposite. One of the individuals even said, XRP is dead and will be even quieter after the sec wins.
Regardless of the lawsuit, however, the San Francisco-based company has marked significant developments in its ecosystem. Be it through a partnership or even the price action of its token.
Bullish momentum sees XRP price up to 10%
XRP is very close to both long- and short-term diagonal and horizontal resistance levels. Technical indicators and the price action support the possibility that the token will break out.
Ripple’s native token has been up since the week of July 19-26, when it bounced in the $0.6 horizontal area. The return has confirmed this area as support. However, XRP is still following a descending resistance line, which has been in place since the April high of $1.96.
The daily chart shows that XRP is attempting to break out of the $1.40 resistance area. A break above this level will likely take XRP to September highs.
At the time of writing, XRP is changing hands at $1.23.
Read more:
- Judge Granted SEC’s Motion To Compel Ripple To Turn Over The Video And Audio Recordings Of Internal Meetings
- Top Trader Ben Armstrong Unveils 5 Reasons XRP To $10 Is Imminent