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XRP Lawsuit: SEC Agrees to seal Exhibits in the Interrogatories Dispute, Here Why

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The latest development in the XRP lawsuit saw the SEC agree to Ripple’s motion to seal certain portions of Ripple’s objections and responses to the SEC’s second and third sets of interrogatories. The plaintiff has filed a letter stating that it “does not oppose” Ripple’s request to seal parts of certain exhibits in the Interrogatories dispute.

Furthermore, the SEC also stated that it intends to send a letter of appeal seeking permission from the court to file its own motion to seal with respect to these exhibits, pertaining to submissions to the SEC by third parties, by September 24, 2021.

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SEC Opposition in the Interrogatories dispute

The SEC has opposed Ripple’s arguments in the Interrogatories dispute earlier. Plaintiff’s opposition letter to the court asserted that the Defendants’ responses regarding the SEC’s Interrogatories’ answers were in fact delayed. The SEC claimed that Ripple intentionally postponed its reply, until the end of the fact discovery timeframe. As the fact discovery deadline approached, Ripple informed the SEC that they considered the plaintiff’s responses “deficient”.

The SEC further revealed that they had already met and conferred with Ripple regarding the five responses at issue. At the conference, SEC requested the Defendants to identify specific information that they need from the plaintiff. However, the plaintiff claimed that Ripple denied the request and filed a Motion to Compel, less than three hours before fact discovery closed.

“At 11:48 p.m. on the same night, minutes before fact discovery closed, Defendants also served the SEC with more than twenty-Eight thousand (28,000) new Rule 36 requests for admission.”, SEC stated in the letter.

SEC & Ripple come together to Seal DPP Dispute Exhibits

Regardless, constant debates in the interrogatories dispute from both ends, now, the SEC and Ripple have joined forces again to seal exhibits. This seal is giving the community Deja Vu. Earlier in the XRP lawsuit, a similar seal collaboration was witnessed regarding the DPP dispute.

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It was speculated that Ripple negotiated a deal with the SEC to get protection, while the commission got another shot at pursuing further litigation against other crypto projects without the burden of legal precedent. Furthermore, SEC is also accused of appealing for a seal to protect an eminent ex-official of the commission, Hinman.

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XRP Forecast November 29 — December 3, 2021

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XRP/USD end the trading week at 0.9427 and continue to move within the correction and the bullish channel. Moving averages indicate a bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from buyers and a potential continuation of the growth of the cryptocurrency from the current levels. At the moment, we should expect an attempt to develop a correction and a test of the support area near 0.7455. Where can we expect a rebound again and a continuation of the rise of the cryptocurrency to the area above the level of 1.4205.

XRP Forecast November 29 — December 3, 2021

An additional signal in favor of the growth of XRP quotes in the current trading week November 29 — December 3, 2021 will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the growth option for the Ripple cryptocurrency will be a fall in prices and a breakdown of the 0.6855 area. This will indicate a breakdown of the support area and a continued fall in XRP/USD quotes with a target below the level of 0.6055. Confirmation of the growth of the cryptocurrency will be the breakdown of the resistance area and the closing of quotations above the 1.2205 area.

XRP Forecast November 29 — December 3, 2021

XRP Forecast November 29 — December 3, 2021 suggests an attempt to test the support level near the 0.7455 area. Where can we expect the continued growth of quotations with a potential target at the level of 1.4205. An additional signal in favor of a rise in XRP value will be a test of the trend line on the relative strength index (RSI). Cancellation of the cryptocurrency growth option will be the breakdown of the 0.6855 area. This will indicate a continued decline with a target below 0.6055.

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XRP Whale Moved $20 Million Coins Away from Exchange

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XRP whale moves large funds volume in few hours amid global cryptocurrency market correction.

While the trading activity on the market plunges after a 10% correction, some whales have decided to move their XRP holdings away from various exchanges, which is considered a good signal for holders.

The set of similar transactions

According to the blockchain data, the anonymous wallet has moved approximately $20 million worth of XRP coins from Bitstamp exchange to the unknown wallet. The future of those coins remains undisclosed.

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The wallet that received approximately 20 million coins is now holding a total of 51 million XRP. Previously, the same wallet moved to Bitstamp the same amount of coins but divided it into two transactions each worth 10 million coins.

Whale Alert
Source: Whale Alert

The unknown wallet does seem to move large amounts of funds to the exchange and then withdraw almost the exact same amount of funds back. Some users suggested that the wallets are being used in a mixing scheme, which is considered illegal.

But the more likely outcome is that the wallet is officially tied to the Bitstamp exchange and is being used to either provide liquidity or as an exchange’s cold wallet. But at the same time, all wallets that are owned by exchanges should be labeled.

XRP’s performance during market dip

In comparison with other market performers, XRP followed the general trend by losing 10% of its value while recovering approximately 2% today. The more unfortunate fact for holders is that Ripple broke the two-month trend by dropping below the $1 mark. At press time, XRP is trading at $0.95.

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XRP holds key support while indicators point to short-term recovery

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  • Ripple started a recovery wave above a key support level of $1.024. 
  • XRP price started an upside correction as indicators suggest a short-term recovery.
  • The coin may initiate a fresh downtrend upon a breakout of the $1.024 support level.

XRP is in the process of forming a triple bottom price pattern boding more upside, for the pair priced against the US dollar., XRP price recently found support at the pattern’s base during the formation of the third bottom. Now, Ripple is at a crossroads – a spike in selling pressure may drive a bearish breakout, whilst technical indicators signal a bullish reversal. It all depends on whether or not a critical support level holds. 

XRP rejected above the triple bottom at $1

XRP has found support above $1.024 and started a bullish recovery similar to peer altcoins. The XRP price has found footing at the $1.024 level for the third time making it a triple bottom pattern.

If there is increased demand at the current price level it will push the XRP price towards its double top level at $1.108. However, the 20 and 50-period exponential moving averages may act as minor hurdles at $1.076 and $1.108. 

The MACD has closed the first histogram above the 0 mark, indicating a bullish reversal. While the RSI is still holding at 44, a crossover above 50 may encourage investors to go long. In that case, the XRP price might spike towards $1.165. Additional gains could lift the price towards the next key hurdles at $1.218 or $1.284 

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 Ripple 12-hourly chart - Triple bottom to drive uptrend

 XRP 12-hourly chart – Triple bottom to drive uptrend

If XRP disappoints to start a new spike above the $1.081 level, it could extend losses. Initial support on the downside is near the $1.024 level.

The upward trend that started on September 21 also extends to significant support at the $1.024 mark. Therefore, a break below the $1.024 support level might push the price further down. The next critical support level is near $0.963, below which the price may fall to the $0.888 level.

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