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US Judge Grants the SEC Access to Ripple’s Missing Internal Conversations on Slack

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The US SEC has won access to Ripple’s missing internal Slack messages after the company handed over only a fraction.

The legal case between the United States Securities and Exchange Commission (SEC) and the blockchain company Ripple Labs continues to intensify and this time, the regulator has been granted access to the payment processor’s employee Stack communications.

A Win for the SEC

As reported by Law360, the SEC earned the discovery win after US Magistrate Judge Sarah Netburn ordered Ripple to give the regulator access to more than one million Slack messages that were previously missing.

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While Ripple has already handed over some of its internal discussions to the watchdog, the company refused to hand over a massive part of the communications. The firm cited a processing error, even though it had previously agreed to a search of its “terabytes” of Slack data at the outset of discovery.

The SEC described Ripple’s failure to produce the full Slack conversations as “highly prejudicial,” since the fraction it received indicated that the missing messages would be relevant to the case.

Following the non-compliance with its request, the Commission then filed a motion in August to access these messages. According to the regulator, they are “relevant to the parties’ claims and defenses and proportional to the needs of the case.”

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Aside from Ripple’s Slack messages, the regulator is also seeking access to all conversations from 22 email custodians.

The SEC claimed that the messages “include: (a) discussions about Ripple’s desire to create speculative trading in XRP, (b) the effect of Ripple announcements and efforts on, and Ripple’s concerns as to, the price of XRP, the relationship and central importance of XRP sales to Ripple’s overall business, and (d) the regulatory status of XRP.”

Judge: Ripple’s Agreement Outweighs Any Burden

Ripple countered the SEC’s motion, noting the regulator’s request is unreasonable and unfair because retrieving all the missing Slack messages would not only cost up to $1 million but would also take many months.

Regardless of the company’s argument, Judge Netburn noted that its previous agreement to produce the internal Slack communications outweighs any burden it will face in recovering the messages.

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Meanwhile, CryptoPotato reported last week that Ripple filed a motion to expose the XRP holdings of SEC employees.

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XRP

Former U.S. Treasurer Praises XRP While Dismissing Other Cryptocurrencies

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Rosie Rios chooses XRP over other cryptocurrencies, but there’s a catch

Former U.S. Treasurer Rosie Rios recently typed out some words of praise for XRP’s utility.

In her tweet, Rios claims that the Ripple-affiliated digital currency is used for cross-border payments, which she believes sets it apart from other coins that are mainly useful for speculation.

The ex-treasurer, whose name was printed on billions of U.S. dollar banknotes, believes that China’s most severe cryptocurrency ban to date is somehow supposed to highlight the difference.

“Rios’s words, of course, have to be taken with a significant pinch of salt given that she’s currently on Ripple’s payroll.

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As reported by U.Today, the San Francisco-based company added her to its Board of Directors in early May.

Kraken CEO Jesse Powell took a veiled swipe at Rios and Ripple in response to the recent effort to promote XRP:  

If you were wondering where some of these politicians get their ideas. We aren’t all on the same team, and we don’t all have the same goals. Don’t forget that.

In March, Powell opined that XRP started posing a “huge asymmetrical risk” to exchanges after Ripple was sued by the U.S. Securities and Exchange Commission last December.

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Ripple Price Analysis: XRP bounces from $0.90, ready for further upside today?

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  • Ripple price analysis is bullish for today.
  • XRP/USD found support above $0.90 again.
  • XRP is set to rally high today.

Ripple price analysis is bullish today as another retest of the further downside was met with rejection, indicating an upcoming reversal. Since XRP/USD saw a bullish momentum return this morning, we expect this to continue later today, with the $1 mark likely to be broken again.

Ripple Price Analysis: XRP bounces from $0.90, ready for further upside today? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded mostly in the green over the last 24 hours. The market leader, Bitcoin is up by 6.59 percent, while Ethereum has spiked by 11.6 percent. The rest of the top altcoin follow, with a gain of around 7-9 percent.

Ripple price movement in the last 24 hours: Ripple rallies from $0.90 support again

XRP/USD traded in a range of $0.8948 – $0.9815, indicating a substantial amount of volatility over the last 24 hours. Trading volume has increased by 7.76 percent and totals $3.342 billion, while the total market capitalization trades around $45.13 billion, ranking the coin in 6th place overall.

XRP/USD 4-hour chart: XRP starts to move higher

On the 4-hour chart, we can see the Ripple price action gaining strength this morning, indicating further upside will follow today.

Ripple Price Analysis: XRP bounces from $0.90, ready for further upside today?
XRP/USD 4-hour chart. Source: TradingView

The overall market price action has traded within a strong bearish momentum over the past weeks. After an initial spike lower on the 7th of September, support was found around the $1.05 mark.

Above the support, XRP/USD consolidated for several days until another spike lower was seen on the 20th of September. This time, support was found above $0.85, with some consolidation above $0.90.

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Later last week, the support was retested several times, with the last one, seen yesterday, quickly rejecting any further downside, indicating exhaustion for bears. Overall, this Ripple price action development should lead towards further upside later this week.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bullish today as a further downside was rejected again yesterday, and bulls have gathered strengths for a small rally this morning. Therefore, we expect to see XRP/USD reach further upside over the next 24 hours.

While waiting for Ripple to move further, read our guides on NFT Games, CoinJar, as well as Bitcoin Memes.

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Ripple’s Use Case Stand Out While Others Remain Speculative

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  • Ripple and SEC legal talks continue.
  • XRP provides great cross border payments.

The Securities and Exchange Commission (SEC) and Ripple (XRP) legal talks in the US continue to heat up. As a result, these issues have become one of the most talked-about topics in the crypto world. Recently, the CEO of Ripple, Brad Garlinghouse, insisted that the SEC has provided no clarity in crypto regulation and has lost sight of its mission to protect investors.

Despite this ongoing heated debate between SEC and Ripple, XRP continues to provide global service to all its users. This made Rosie Rios, the 43rd Treasurer of the United States, react in a tweet she posted:

This tweet posted by Rose Rios on Twitter speaks about the clear use case of XRP. In detail, XRP is one of the digital assets in the crypto world that provides a good use case for cross-border payments. The fast, secured, and low transaction fee is one of the highlights of XRP’s blockchain.

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However, not all digital assets are like Ripple. Other cryptos use cases remain in speculation. As a result, authorities in other countries can’t help but tighten their security against these crypto assets. For instance, China, in the past days, released a statement about its continued crypto ban.

Today, Ripple trades a decent price of $.97 per crypto with a market cap of over $45 billion. In terms of market position, Ripple remains one of the top ten digital assets in the crypto market.

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