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.
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.
XRP Lawsuit: SEC aims to make XRP skip the bull run with an Expert Discovery Extension Appeal
The latest update in the XRP lawsuit saw the SEC file a letter requesting the Court to extend the expert rebuttal report deadline to November 12, 2021, and the expert discovery deadline to January 14, 2022, from the former date of November 12, 2021. The plaintiff noted that the extension will allocate both parties sufficient time to prepare rebuttal reports and depose a minimum of 14 expert witnesses.
Ripple Opposes SEC extension appeal to save XRP from an isolated bear run
While consenting to the extension of the rebuttal report deadline until November 12, Ripple opposes the January 14 deposition deadline to avoid the case from stretching long enough for XRP to entirely miss the bull run. Furthermore, Ripple also intends to file an opposition to this letter motion on October 18, 2021.
The SEC offered a compromise to Ripple, preponing the expert discovery extension to December 22, but the defense has rejected that offer as well. Ripple argues that the extension would “would likely impact the briefing schedule for summary judgment motion[s].”, as post-December 10, 2021, the Thanksgiving holidays will commence the holiday season.
SEC supports extension appeal with pending motions
The SEC objects that the case is even less ready for summary judgment motions as expert discovery has commenced with an incomplete factual record. The commission noted that on September 1, 2021, Magistrate Judge Netburn granted the SEC’s motion to compel Ripple to produce certain instant messages among its employees, but Ripple has not completed its production of responsive documents and has not provided any timetable by which it will be complete. Along with the incomplete discovery of a granted motion, the plaintiff states that the parties have a total of four pending discovery motions before Magistrate Judge Netburn. The plaintiff claims that even if one motion is granted, the parties will require an additional extension to proceed with the discovery.
“If Magistrate Judge Netburn grants any of the pending motions to compel, at minimum, the parties would need additional time to review and produce the documents at issue…The SEC’s proposed extension is fair and reasonable under the circumstances and should be granted for good cause.”, stated the SEC.
XRP Lawsuit: SEC repeats “privileged documents” argument like a broken record
After hitting face first in the DPP dispute, the SEC has continued to assert its “privileged documents” stance. The latest development in the XRP lawsuit saw the SEC submit a redacted version of the three additional documents requested by Ripple for in-camera review on the public docket. The commission also submitted an explanation for its privilege assertions for all those documents that the plaintiff had either redacted or withheld by logging them as “privileged”.
SEC asserts protection under DPP and irrelevance of documents
The SEC has reinstated its “privileged” stance, noting that the documents are pre-decisional and deliberative, and therefore protected by the deliberative process privilege. The plaintiff claimed that the court should not be disarming the SEC’s privilege because the additional documents along with SEC’s September 14 documents that the commission filed under Appendix A are both protected under DPP, and discovery will further discourage government employees from genuine deliberations regarding crypto regulations. Additionally, the commission asserts that the documents are also irrelevant to both, SEC’s claims, and defendants’ objections.
“The documents on Appendix A, the Additional Documents are protected by the DPP, and the compelled release of these documents would discourage meaningful deliberations among SEC staff relating to regulatory activities in the digital asset space. Moreover, like the Appendix A documents, the Additional Documents are wholly irrelevant to the SEC’s claims or the Defendants’ proposed defenses…None of these documents even comes close to addressing whether Defendants’ offerings of XRP are securities transactions. The Court should not pierce the SEC’s privilege under these circumstances.”
Earlier this month the Court granted Ripple’s September 24 appeal, seeking the addition of three documents by the SEC for in-camera review. These documents include the two documents related to the SEC’s meetings with law firms, along the email trail concerning discussions with a third party who received guidance from the SEC to analyze its digital asset under the framework set forth in Hinman’s June 14, 2018, speech.
XRP & Cardano(ADA) Price Maintain Silent Trend, A Massive Rally Is On The Horizon!
The crypto space is slowly achieving the highs of the previous bull run as the most dominant crypto, Bitcoin is approaching its highs yet again. As the market is gearing up for its highs again, XRP price and Cardano price are experiencing a slightly lowered rally. No doubt, both the assets underwent a notable jump yet failed to hit $1.2 and $2.5 respectively.
Ripple’s XRP Price Could Climb Above $1.2 In next 48 Hours
XRP ecosystem is experiencing ample trading volume since the beginning of the present week. As the market is on the verge to regain its lost glory, many assets could also regain their lost position. Therefore, the XRP price appears to be completely assured of its uptrend as the buyers have entered the ring.
The downtrend and an extended accumulation, slowly ranging towards the north signify the strength in the rally. Maintaining a constant uptrend since the beginning of the current month, the price now trends within a symmetrical triangle & on a verge of a breakout. Moreover, since the beginning of the present week, the diminished candles indicate the lessened volatility. The reason could be the tough fight between the bulls and the bears as the price remains more or less flat but volume considerably high.
Therefore, the bulls could gain immense bullish momentum in the weekend where the asset could rally to the immediate target at $1.2. However, the target still remains much distinct as it needs to undergo a monstrous rally in order to climb closer to its ATH. Therefore, the RSI which is trending in a comfortable zone needs to break out of the box to push the price above $1.5.
Bears Trying Hard To Pull Down Cardano(ADA) Price
The current trend appears to have capitulated by the bears as more and more red candles hover the ADA price rally. Yet in reality, the bulls are giving an equal fight to the bears and attempting hard to keep up the price above $2.2. The traders had huge hopes on the Alonzo Hard Fork Event as many predicted the price to reach the $5 milestone. However, the narrow trend and a long accumulation raised many concerns over time.
Despite the increased trading volume, the price still struggles hard as the Doji type candles manifest equal strength as bears with bulls. And hence the plateaued price may continue for a couple of days until the bears get extremely exhausted. This would be when the bulls regain their strength and uplift the price towards the target in between $2.6 and $2.7, initially.
The market sentiments appear to have changed in recent times with the BTC price again reaching its peak. Previously when the asset broke its ATH, it rallied more than 3x with an intensified pace. And all the altcoins followed as Bitcoin price settled a little. If this trend repeats BTC will hit $100K for sure, and many altcoins including XRP price, Cardano(ADA) price, etc could rally towards a double-digit target.