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SEC Scores Own Goal by Objecting to XRP Holders Intervening in The Lawsuit

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The U.S. Securities and Exchange Commission (SEC) attempts to stop XRP holders from joining the on-going lawsuit as third parties.

In a letter to Judge Analisa Torres, the SEC’s Senior Trial Attorney Jorge Tenreiro argued that XRP holders had not clarified their actions. What’s more, Tenreiro states consolidation/coordination of claims is statute-barred without the SEC’s say-so.

“Movants do not explain what claims they would assert against whom in this action if the Court were to permit them to intervene. But Congress has barred by statute the consolidation or coordination of claims without the SEC’s consent, and sovereign immunity bars Movants’ claims against the SEC. That alone precludes Movants’ proposed intervention.”

XRP Holders Want Representation

The ongoing legal action against Ripple has become a complex case involving multiple motions that each requires judgment. In this latest example, the SEC was responding to a pre-motion letter filed by Attorney John Deaton.

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Deaton called on Judge Torres to allow intervention by over ten thousand XRP holders. This would ensure the case considers the interests of all stakeholders, making certain those interests are “fully and vigorously defended.” He argues this is necessary as neither the SEC nor Ripple represents the holders of XRP.

“Allowing us to intervene is appropriate because neither party in the case currently represents the holders and users of XRP. A key aspect of Ripple’s defense will be to demonstrate that they have no duty or obligation to XRP holders, and given the SEC’s actions thus far, we can’t expect it to even consider the interests of XRP holders.”

While the SEC rejects this argument, by contrast, Ripple’s attorneys have expressed no objection to the intervention by XRP holders.

SEC Running Out of Room to Maneuver

Attorney Jeremy Hogan, who is not a party to the case, assessed the intervention saying this spells trouble for the SEC.

A significant component of the SEC’s case against Ripple is the allegation that XRP sold by Ripple, in the present day, are unregistered securities. This implies all XRP constitutes unregistered securities, including those held by XRP holders.

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Hogan makes the point that the SEC’s purpose is to protect investors. But ten thousand XRP holders came forward to say they have been harmed, not protected, by the SEC’s actions. This plays into Ripple’s strategy of demolishing the SEC’s case on the grounds they failed to consider the secondary market.

“The SEC just wants some vague ruling that sales constitute sales of unregulated securities, and give the Judge some vague promise, ‘don’t worry Judge, we won’t be going after the secondary market of course not, we’re the good guys, we’re sticking up for the small people.’”

By objecting to the intervention, the SEC is somewhat corned because it shows their allegations are ill-defined. Is XRP inherently a security? Or, is the lawsuit about sales by Ripple and Garlinghouse only?

XRP daily chart

Source: XRPUSD on TradingView.com
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Ripple Forecast and XRP/USD Analysis October 21, 2021

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XRP/USD are trading at 1.1307 and continue to move within the growth and bullish channel. The capitalization of the Ripple cryptocurrency at the time of the publication of the forecast is $53,450,449,348. Moving averages indicate a short-term bearish trend for Ripple. Prices broke through the area between the signal lines upward, which indicates pressure from buyers of the asset and a potential continuation of the rise in the XRP rate in the market already from current levels. At the moment, we should expect an attempt to develop a small correction of the asset and a test of the support level near the 1.0785 area. Further, an upward rebound and a continuation of the rise of the cryptocurrency to the area above the level of 1.2505.

Ripple Forecast and XRP/USD Analysis October 21, 2021

In favor of raising the XRP/USD quotes, a test of the support line on the relative strength index (RSI) will come out. The second signal in favor of the growth of asset quotes will be a rebound from the lower border of the bullish channel. Cancellation of the option of raising the cryptocurrency will be the fall and closing of quotations below the level of 0.9505. This will indicate a breakdown of the support area and a continued fall in XRP/USD to the area below the level of 0.8505. Confirmation of the growth of the digital currency rate will be the breakdown of the resistance area and the closing of prices above the level of 1.2205, which will indicate a breakdown of the upper border of the downward correction channel.

Ripple Forecast and XRP/USD Analysis October 21, 2021

Ripple Forecast and XRP/USD Analysis October 21, 2021 imply an attempt to test the support level near the 1.0785 area. Where can we expect the cryptocurrency to continue to rise with a potential target at the level of 1.2505. An additional signal in favor of the growth of Ripple will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to raise quotes will be a fall and a breakdown of the 0.9505 area. In this case, we should expect a continuation of the decline in the rise in digital currency with a target below 0.8505.

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UAE exchange expands partnership with Ripple, for cross-border payments

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The Ripple-effect can be felt in various corners of the world including the United Arab Emirates. Al Ansari Exchange, the UAE-based foreign exchange and money transfer company announced the expansion of its partnership with Ripple to deliver cross-border payments.

In doing so, Al Ansari exchange will be leveraging RippleNet in conjunction with MoneyMatch, a leading money transfer technology company. RippleNet’s assistance will allow the exchange to carry same-day remittances along with support from MoneyMatch. The services will initially only offer Malaysian ringgit.

The CEO at Al Ansari exchange, Rashed A. stated,

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“Adopting this technology on the cloud via our partnership with Ripple and MoneyMatch is in line with our commitment to provide our customers with more flexible, faster, safer and more innovative money transfer solutions.

Together, we are carving new benchmarks in the industry, with an end goal of redefining customer experience and taking our services to the next level internationally.”

This has been in line with the exchange’s initiatives to contribute to UAE’s fintech agenda and will also play a role in the “Projects of the 50.” Ripple’s technology will gain more prominence in the region given Al Ansari was among the largest and longest-standing exchanges, focused on expanding their network.

According to Navin Gupta, Managing Director, South Asia, and MENA, at Ripple,

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“We view this partnership with MoneyMatch as a continuation of that ethos, and we’re excited to be partnering with them to improve cross-border payments in key remittance corridors with RippleNet Cloud.”

The General Manager of RippleNet, Asheesh Birla, had earlier noted that the APAC region remained Ripple’s busiest region of customer demand and transaction growth. It had earlier facilitated a corridor between India and UAE, given the high remittance volume. As UAE advances its fintech standing, Ripple has been contributing to change the face of cross-border payments.

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SEC v. Ripple: More than 50,000 XRP holders and ‘friends’ want to

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ripple-v-SEC

The SEC v. Ripple Labs lawsuit is soon to enter mid-fall. Alas, the theme of the season seems to be extensions and delays as both parties are divided over the same.

Just recently, the American regulator requested that the expert rebuttal report deadline be moved to 12 November and expert discovery be pushed to 2022.

However, another group wants to be heard. John E. Deaton, Counsel for Amici Curiae – or “friends of the court” – has now filed a letter asking U.S. District Judge Analisa Torres to consider the views of XRP holders.

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A ‘friend’s’ perspective

Though Deaton is worried about “annoying” the court, his filing referenced the SEC’s call for a two-month extension. He requested,

“…please accept this letter to serve as both the application for XRP Holders to offer their perspective, as well as an offer of proof of said perspective.”

What’s more, Deaton confirmed that he will not repeat any points made by the defendants in this case. Even so, he stated,

“In opposing the SEC’s request for this delay, Ripple’s argument focuses on how the “freezing” of XRP markets within the United States impacts Ripple. The negative impact on XRP Holders is even more profound.”

So, how many investors reportedly really want to join the crypto-lawyer? Well, Deaton claimed that as of 19 October, over 50,000 XRP holders had reached out to him in order to be part of the “putative class.”

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As previously reported, the San Francisco-based blockchain company consented to push the rebuttal report deadline to 12 November. However, it is against the expert discovery deadline being moved to 14 January. Ripple opposed the extension, claiming that “further delay would prejudice Ripple and the market for XRP.”

For his part, Deaton also noted that many major exchanges had de-listed XRP due to its legal troubles in the USA. Additionally, he also pointed out that XRP in retirement brokerage accounts had been “frozen.”

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In essence, Deaton claimed,

“Any delay in the underlying action marks yet another day XRP Holders do not have access to their funds.”

Checking in on XRP
One source of contention in recent days has been how the SEC’s extension request would affect XRP’s performance. The SEC claimed that XRP sales are “robust” and that the asset had seen price rises even during the lawsuit. Ripple, however, claimed that despite the rise in price, XRP has been “lagging behind the market.”

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At press time, XRP was trading at $1.10, well below the levels it hit a few months ago.

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