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XRP Lawsuit: Pro-Ripple Lawyer gets permission to question Individual Movants

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The latest update in the XRP lawsuit saw the court grant amici curiae status to Attorney John E Deaton who has been vocal about his support for the defendants in the lawsuit. Along with the six Movants who filed Motion to Intervene as defendants in this action pursuant to Federal Rule of Civil Procedure 24. The six Movants are, Jordan Deaton, James Lamonte, Tyler Lamonte, Mya Lamonte, Mitchell Mckenna, and Kristiana Warner.

With the help of the Amici curiae status, Attorney John E Deaton will be permitted to put forward brief legal questions and concerns on behalf of Individual Movants. Furthermore, the court denied Movants’ Motion to Intervene, however, it reinstates that the exclusive amici curiae status will prove beneficial to the court during the briefing on dispositive motions.

“Movants, in their individual capacities, shall be permitted to act as amici curiae in this action.  As such, Movants shall be allowed to assist the Court by briefing legal issues relevant to the case as approved in advance by the Court. The Court contemplates that such assistance will be most beneficial during the briefing on dispositive motions but may exercise its discretion to request or deny further applications as appropriate.”, stated the court.

Movants make compelling arguments

The court’s recent order has raised speculations of the final verdict gravitating towards the defendant’s favor as the interests of the Individual Movants and the XRP Community are aligned. The SEC claims securities status for XRP and alleges the violation of the Securities Act by the defendants in lieu of selling these digital assets. The Movants argue otherwise, contending the plaintiff’s complaint, asserting that if XRP sales are marked as illegal, then the list of culprits extends far beyond the defendants.

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Individual Movants assert that the SEC complaint “directly attack[s] XRP Holders” through mischaracterizations of XRP Holders’ use of XRP and XRP’s connection to Defendants. Movants argue that the SEC’s claim that “the very ‘nature of XRP itself’ makes it a security,” leads to the conclusion that “‘every individual in the world who is selling XRP would be committing a Section 5 violation,’” and so the XRP Holders’ XRP will be affected by the outcome of this litigation.

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Ripple

Top 3 Price Prediction Bitcoin, Ethereum, XRP: Crypto bulls unfazed by flash crash

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  • Bitcoin price action initially shakes off strong selling pressure, finds buyers at support, then resumes some selling pressure.
  • Ethereum price action mixed post-all-time high rejection.
  • XRP price awaits its own bullish breakout and an opportunity to outperform its peers.

Bitcoin price closed more than 5% lower on the Thursday session, but buyers have stepped in to hold the Tenkan-Sen as support. Ethereum price action shows that the recent rejection has caused some indecision. XRP price does not have far to move to initiate a massive bullish breakout.

Bitcoin price continues to find buyers at the Tenkan-Sen

Bitcoin price has shown resilience and conviction since creating new all-time highs. There were broad concerns that due to Ethereum’s rejection of new all-time highs, Bitcoin might suffer a robust corrective move below the $60,000 value area. Although the Binance.US exchange did have an anomalous wick that saw Bitcoin return to the $8,000 level –that was the exception. If buyers can maintain the Tenkan-Sen as a primary support zone, then a move to test $70,000 is next.

BTC/USD Daily Ichimoku Chart

Market participants should be wary of the weekend. Weekends are notorious for whipsaws in price action and major sell-offs, especially on Sunday. Watch for sustained breaks below the Tenkaan-Sen to test the Kijun-Sen near the $55,000 value area.

Ethereum price may trap short-sellers if bulls push higher

Ethereum price action was almost comical during the Thursday trade session, with sellers preventing Ethereum from making new all-time highs by just $2.70 (depending on the exchange data). Even though Ethereum closed 7% below the Thursday high and 2.5% below the open, buyers at first appeared undeterred. Some weakness and selling pressure have been observed during the New York lunch hour. Like Bitcoin, Ethereum has found buyers near the Tenkan-Sen. If bulls can hold the daily close above the Tenkan-Sen, another test of new all-time highs appears inevitable.

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ETH/USD Daily Ichimoku Chart

However, watch for signs of selling pressure as the weekend approaches. The black vertical line represents where the nearest Kumo Twist (when Senkou Span A crosses above or below Senkou Span B) is located. Kumo Twists often mark turning points for markets that have been trending strongly at the time of the Twist. Thus, the upcoming weekend would be a perfect opportunity for short-sellers to push Ethereum price lower to test Kijun-Sen at $3,575 or Senkou Span B  at $3,350.

XRP price action frustrates bulls and bears

XRP price has spent the past two weeks trading in a very constricted trading range. The bodies of the daily candlesticks have been limited to $1.08 on the low side and $1.16 on the high side. From an Ichimoku perspective, XRP has fulfilled all conditions to confirm an Ideal Bullish Ichimoku Breakout – buy buyers need to step in and push Ripple higher. A close at or above $1.17 would likely be sufficient for XRP to begin a 50% upswing towards the $1.60 – $1.70 value area.

XRP/USD Daily Ichimoku Chart

As the weekend approaches, bulls will want to be cognizant of any strong push south which could cause a daily close below the Cloud. A close at or below $1.03 could be an early warning sign of some imminent selling pressure. If sellers were to push XRP price low enough to cause the Chikou Span to close below the candlesticks ($0.88), then a brand new bear market would likely begin for XRP.

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XRP Lawsuit: Court Grants Two Motions for both parties each. Here’s how it’s a win-win for Ripple?

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The latest update in the XRP lawsuit explains the need for the formerly granted extension. Judge Netburn partially granted two motions, one for both parties. First, the Defendants’ Motion to Compel the SEC to produce interrogatories responses, regarding SEC’s Howey Test blanket application theory. Second, the Plaintiff’s Motion seeking a protective order under FRCP 26(c)(1), relieving the plaintiff of any obligation to respond to the 29,947 requests for admission (RFAs). Judge Netburn explains that the discovery sought in both motions overlap in certain respects, and therefore these applications are resolved together.

Court grants majority motions from the Interrogatories Dispute

Judge Netburn specified that the parties’ conflict over the application of Howey and its progeny do not render Ripple’s interrogatory improper and therefore has ordered the SEC to answer Ripple’s interrogatory No.2, identifying the specific terms of the “investment contract” from XRP sales, along with Interrogatories 11, i.e., Ripple’s move to compel the SEC to state whether it contends that “efforts by Ripple were necessary to effect any increase in the price of XRP.”

Followed by Interrogatories 1 & 11, the Court also granted Ripple Interrogatory No. 6, i.e., the defendants move to compel the SEC to state whether it contends that “Bitcoin and/or Ether are securities within the meaning of Section 2 of the 1933 Securities Exchange Act.”. Furthermore, Judge Netburn granted most of the Defendants’ motions to compel answers on other interrogatories, except Defendants’ motion regarding Larsen Interrogatory No. 5 on when XRPL was fully functional. The judge denied it without prejudice for being “too vague”.

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SEC “irrelevance” argument discarded, while “burdensome” stance gets protection from Court

In the RFAs dispute, where the SEC sought a protective order, Judge Netburn has ordered the SEC to answer most of the RFAs while granting protection from one. Specifically, the Court has discarded SEC’s “irrelevance” argument in the case. The court Orders the SEC to produce responses for the Fourth Set requests, seeking to authenticate documents for admissibility under Rule 36(a)(1)(B) that regards the use of RFAs to establish the authenticity or genuineness of a document.

Furthermore, Judge Netburn denies SEC’s “irrelevant” contention to the Fourth Set of Requests regarding Defendants’ “fair notice” argument. The judge stated that disputes over interpretations of law are not a proper objection to a request for admission. Additionally, the court suggested the responding party either admit or deny the statement presented. The court orders the SEC to make a “reasonable inquiry” to secure such information “as are readily obtainable”, further denying the motion for a protective order to the Fourth Set of requests.

However, the court granted a protective order to the SEC for the Sixth Set of Requests regarding the disputed issue of whether Defendants’ sales of XRP constitute “investment contracts” under Howey, where the Defendants required the SEC to consider over 1,500 contracts and answer 13 preliminary questions. The Judge writes “it is hard to view this stunt as anything more than Theatre” to Defendants’ extensive 28,849 RFAs and granting protection to the plaintiff on burden grounds.

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Once Ripple Settles Its Case, XRP and Crypto Market Will Take Off, David Gokhshtein Says, Here’s Why

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Crypto influencer Gokhshtein reckons that as soon as the Ripple-SEC case is settled, the whole crypto market is going to benefit, not just XRP

Head of PAC Protocol and Gokhshtein Media, crypto influencer David Gokhshtein, has taken to Twitter to share his take on the potential positive outcome of the Ripple-SEC case.

As soon as it is settled, he reckons, XRP and the whole crypto market will take off.

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The reason for that, according to him, is the fact that the SEC will finally provide some clarity regarding crypto. This was a condition on which Ripple chief Brad Garlinghouse would agree to settle with the SEC, according to his recent interview. In particular, he wants to have “absolute certainty about XRP.” He warned his readers that the tweet was not financial advice.

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