Ripple has decided to involve Binance in its lawsuit against the US Securities and Exchange Commission ( SEC) , regarding a recent filing on behalf of CEO, Brad Garlinghouse.
According to reports , Garlinghouse’s legal team appears to have requested documents “relevant to the case and not obtainable by other means” from Binance Holdings Limited, the Cayman Islands-based branch of the large crypto exchange.
In essence, Ripple’s CEO’s attorneys argue that the deals and sales that the SEC disputes did not occur in the United States and therefore are not subject to the law the SEC invokes.
That’s why Binance gets involved in proving this theory. Specifically, the crypto exchange should be obliged to provide such evidence , as government institutions such as the State Department and the Hague Convention and the Cayman Islands Central Authority have been involved.
“Mr. Garlinghouse requests the foreign discovery on the basis of his good faith belief that [Binance Holdings Limited] possesses unique documents and information regarding this case, and in particular, regarding the process by which the transactions in XRP allegedly conducted by the Mr. Garlinghouse on foreign digital asset trading platforms ”.
This is a SEC claim accusing Ripple’s CEO of having sold more than 357 million XRPs on “worldwide” crypto trading platforms to “worldwide” investors. Now Garlinghouse’s lawyers are invoking the law to refute that claim.
“As the SEC knows, Mr. Garlinghouse’s XRP sales have been made for the most part on digital asset trading platforms outside of the United States […] the discovery that Mr. Garlinghouse seeks will be relevant to prove that the offers and the sales the SEC disputes did not occur in this country and are not subject to the law the SEC invoked in this case. “
The Ripple-SEC lawsuit and Binance’s involvement
The American agency that monitors the financial markets, the SEC had filed the lawsuit against Ripple , last December 2020, taking it definitively to court.
In addition to CEO Garlinghouse, the legal action also sees former CEO Christian Larsen and the entire company of Ripple Labs Inc. The accusation was that of having issued XRP securities as an offer of unregistered securities, for the value of 1.3 billion dollars. And, in the specific case of Garlinghouse and Larsen, the prosecution involves them for making unrecorded personal sales of XRP totaling approximately $ 600 million.
From a technical-legal aspect, according to the SEC, the defendants have violated the registration provisions of the Securities Act of 1933.
Now, with Binance’s involvement, Garlinghouse could prove that the enforcement of that law can’t be done in this case, and get rid of the accusation brought directly against him once and for all.
At the same time, the price of XRP appears to start this August 2021 at $ 0.75. While the market capitalization, despite the decline due to the present situation of the company and also to the entry of new and more innovative players in the crypto market, sees it come in sixth place . XRP still holds 2.5% dominance in the total crypto market, with a market cap of 35 billion dollars.
Coinbase CEO Shows Support for Ripple and XRP Amid Battle with SEC
The XRP Army believes that Brian Armstrong could be hinting at relisting the cryptocurrency
Coinbase CEO Brian Armstrong has displayed support for Ripple in its fight against the U.S. Securities and Exchange Commission.
In a series of recent tweets, Armstrong writes that the company’s case is seemingly going “better than expected.”
Armstrong stressed that launching attacks against the crypto industry and hurting investors is “politically unpopular.”
The head of the largest American exchange then channeled Ripple’s oft-repeated talking point about the SEC hurting consumers instead of protecting them:
The irony is that the people they are supposedly protecting are the ones attacking them.
XRP relisting rumors get a new life
Armstrong’s tweets inevitably reignited rumors about Coinbase potentially relisting XRP on its platform.
The exchange moved to suspend XRP trading after the SEC filed a lawsuit against Ripple on Jan. 19, which triggered a massive price drop.
As reported by U.Today, Coinbase relisting rumors started making the rounds on social media after XRP trading pairs started showing up on the company’s mobile app last month, but it ended up being a bug.
Despite its legal troubles, XRP has remained resilient, with crypto mogul Mike Novogratz recently noting that the cryptocurrency has tripled in value since the agency filed its complaint.
The value of $XRP has actually almost tripled since the SEC actions. It hasn’t plummeted. It’s a testament to the fact that once communities are formed with shared interest they are damn resilient. https://t.co/0IPcd8wyuN— Mike Novogratz (@novogratz) October 17, 2021
Coinbase’s run-in with the SEC
Ripple started alighting itself with Coinbase after Armstrong publicly called out the SEC for threatening to sue the leading exchange over its yet-to-launch lending offering.
Even though the company caved in to the SEC’s demands and shelved the product in question, it seems like it hasn’t buried the hatchet with the formidable regulator.
Earlier this month, Coinbase proposed replacing the agency with a new cryptocurrency-focused regulator, arguing that the laws from the 1930s were not suitable for the “technological revolution.”
The exchange will have to convince Congress to pass a legislation that will establish a dramatically different regulatory regime that it envisions.
Ripple Launches RippleNet’s ODL Deployment in the Middle East
The company has partnered with Pyypl for the introduction of new services in the region.
Nearly 1 week after announcing a major collaboration with UAE-based Al Ansari Exchange, Ripple announced yesterday that it has partnered with Pyypl, a leading global blockchain-based financial services technology company in the Middle East and Africa, for the launch of RippleNet’s ODL deployment in the Middle East.
Through the latest partnership, Ripple is planning to facilitate the remittance corridors in the region. The On-Demand Liquidity (ODL) service leverages XRP for efficient and cost-effective cross-border payments. Ripple also highlighted the importance of the MENA region for the company’s global expansion.
“MENA continues to be a critical region for Ripple thanks to our outstanding roster of customers, a welcoming regulatory environment, and a regional focus on the needed improvements in the current financial system. The establishment of yet another first-in-market ODL launch demonstrates the understanding that digital assets will play a central role in the future of global payments,” Brooks Entwistle, Managing Director of RippleNet in APAC and MENA, commented on the announcement.
The Middle East has some of the world’s largest remittance corridors with a combined value of approximately $78 billion. UAE and Saudi Arabia took several initiatives in 2021 to support the digital transformation in the financial sector.
Ripple’s ODL Service
The ODL service from Ripple gained immense popularity among global financial institutions in 2021. In July, Ripple introduced the first live ODL offering in Japan. The company also acquired a 40% stake in Tranglo, one of the fastest-growing cross-border payment firms in Asia.
“We’re excited to be Ripple’s first partner of choice to bring the deployment of ODL to the Middle East. This enables our ever-increasing number of users to deliver remittances instantly and cost-effectively. We’ve also reduced our inefficient use of capital through ODL, and look forward to an exciting rollout of its capabilities across the region,” Antti Arponen, Co-Founder and CEO of Pyypl, said in the press release
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto markets coil up for an explosive move
- Bitcoin price correction seems to be holding above $60,000, but fear of an extended pullback persists.
- Ethereum price coils up between $3,900 and $4,200, preventing a retracement.
- Ripple price consolidates in a bullish pennant, suggesting a 26% ascent is likely.
Bitcoin price has been due for a retracement after rallying for three straight weeks in October. This came on October 21, when BTC began a correction that is now holding up pretty well above a psychological barrier. While a deeper correction seems likely, Ethereum, Ripple and altcoins are looking good and ready to pop higher.
Bitcoin price makes a shaky comeback
Bitcoin price dropped 11% over two days starting October 22 as it retested the $60,000 psychological level. Now buyers seem to have stepped in, however, signaling a makeshift albeit temporary bottom.
If BTC manages to produce a daily close above the October 21 open at $66,027, it will suggest a continuation of the uptrend. Failing to do so, however, will result in consolidation above $60,000. In the case that Bitcoin price shatters the said psychological level, investors can expect it to head toward the liquidity zone, ranging from $52,956 to $56,004.
A dip into this area will rid the Bitcoin market of short-term sellers as they exit the market booking profits. This will then allow the long-term rally to continue. In this situation, Bitcoin price will likely make a run at the $65,000 resistance barrier, a clearance of which will kick-start a run-up to new highs.
The 161.8% trend-based Fibonacci extension level at $77,525 will be the next high bulls target.
BTC/USD 1-day chart
On the other hand, if Bitcoin price breaches the $52,956 support floor, it will head toward the $50,000 psychological level, which may provide a level from which the uptrend could start again.
Ethereum price looks for an opening
Ethereum price looks ready for a run-up to contest its previous highs at $4,172 as it is consolidating between the $3,900 and $4,200 barriers. Like Bitcoin price, ETH has corrected 11% from its swing high at $4,380.
As long as the $3,900 support floor holds, Ethereum price will probably make a run up to new all-time highs. If the said support barrier gives way, however, investors can expect ETH to retrace to the $3,619 demand barrier. In a highly bearish case, the Ethereum price might revisit the $3,202 support level before restarting the bull rally.
A decisive daily candlestick close above $4,380 will confirm the uptrend and propel ETH to $4,957, coinciding with the 100% trend-based Fibonacci extension level – perhaps even making it to the $5,000 psychological level.
ETH/USD 1-day chart
On the flip side, if Ethereum price shatters the $3,200 barrier, it will dip into a stable support zone, extending from $2,765 to $3,202. This area has seen massive consolidation and will absorb the selling pressure, giving ETH price another chance to trigger a bull run.
Ripple price coils up for an explosive rally
Ripple price is consolidating inside a bullish pennant pattern, suggesting a massive move around the corner. From September 29 to October 10, XRP price rose 38%, creating the ‘flag pole’ section of the pennant pattern. This move was followed by a tight ranged movement that led to the formation of lower highs and higher lows, resulting in a pennant.
This technical setup forecasts a 26% ascent to $1.43, determined by adding the flag pole height to the breakout point at $1.14.
A decisive close above this level will indicate the start of a new uptrend. The ascent will face resistance at $1.24, but clearing this will open the path to $1.43. In some cases, Ripple price could extend this climb and retest $1.67 or $1.84, constituting a 67% gain.
XRP/USD 1-day chart
While things are looking up for Ripple price, a breakdown of the pennant’s lower trend line at $1.05 will invalidate this setup. In this situation, XRP price might revisit the $1 psychological level, which might provide support for buyers to launch a comeback.