The latest development in the XRP lawsuit saw Ripple file an opposition to the SEC’s Letter Motion Compelling discovery of recordings of defendants’ internal meetings, where Garlinghouse, Larsen & other key employees spoke on topics relevant to disputes in the lawsuit. Ripple has argued that the SEC’s boil-the-ocean demand is flatly incompatible with the Federal Rules. Furthermore, the defense claimed that the plaintiff’s request is disproportionate, given the massive amount of material already produced in discovery.
#XRPCommunity #SECGov v. #Ripple #XRP Ripple files its opposition to the SEC’s Motion to Compel Ripple to search and produce recordings of Ripple meetings where Garlinghouse, Larsen & other key employees spoke on topics relevant to disputes in lawsuit.https://t.co/jktIei0wRm— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) October 8, 2021
“The SEC’s demand that Ripple review every single recording in the BlueJeans and Zoom databases for responsiveness and privilege is plainly disproportionate under Rule 26(b)(1), and collapses the distinction between a “search” for responsive content and a wholesale review of every recording.”
Ripple salvages SEC’s lousy “burdensome” argument
Ripple argued that the burden of the SEC’s latest discovery demand supersedes any potential benefits. The SEC’s discovery request is on a par with compelling Ripple to review over 4,000 recordings in the BlueJeans and Zoom databases, amounting to thousands of hours spent reviewing the data. The defendants have used the plaintiff’s “burdensome” argument against them, claiming that the courts have denied motions to compel, seeking review of far fewer recordings. Furthermore, Ripple asserts that considering the sheer volume, the recordings are “not reasonably accessible because of undue burden or cost.”
Ripple marks SEC claims as “unreasonably cumulative or duplicative”
The defendants have also asserted that the SEC’s repetitive claim of marking any unproduced data as direct evidence on “whether Ripple’s offers and sales of XRP are investment contracts and therefore securities under Howey” is downright speculative and holds no factual support. Additionally, Ripple argues that even if hypothetically, any unproduced recordings pertain to that issue, the SEC’s request remains “unreasonably cumulative or duplicative” of prior discovery concerning that topic.
Ripple states Rule 26
The defendants supported their argument using Rule 26. Ripple stated that they already undertook a comprehensive search for potentially responsive recordings along with agreeing to the SEC’s supplemental demands for additional recordings. Therefore, Ripple’s discovery efforts were reasonable and highly effective in identifying potentially relevant recordings, which in turn does not call for more discoveries.
“The SEC’s highly disproportionate demand that Ripple now—more than a month after the expiration of fact discovery—review every single recording ever made over the last eight years should be denied.”
Top 3 Price Prediction Bitcoin, Ethereum, XRP: Crypto market dazed post flash crash
- Bitcoin price finds support against a combination of key price levels.
- Ethereum price returns inside the bear flag, creating mixed sentiment.
- XRP price is developing an insanely bullish reversal weekly candlestick.
Bitcoin price gets a big bounce off the $44,000 value area, moving more than $7,000 higher. Ethereum is now sandwiched between solid support and strong resistance. XRP price has one of the most potent and sought-after bullish reversal candlesticks forming on its chart: the hammer.
Bitcoin price retraces nearly all of Saturday’s flash-crash
Bitcoin price action has been a strong performer since the recent flash crash. Significant support for Bitcoin was found where the 61.8% Fibonacci retracement and top of the Ichimoku Cloud (Senkou Span A) share the $44,000 price level. The support was strong enough to rally Bitcoin above the 50% Fibonacci retracement at $48,000 and the Kijun-Sen at $49,300.
BTC/USDT Weekly Ichimoku Chart
However, the upside potential may be limited. There is significant resistance within the Ichimoku Kinko Hyo system on the daily chart. The daily Kijun-Sen and Senkou Span B share the $54,000 price range. Longs may take profit at $54,000, and short-sellers may open up new short positions on any weakness. A close at or above $55,100 would like to remove any further near-term bearish sentiment.
Ethereum price between a rock and a hard place
Ethereum price had a spectacular Saturday close on the daily chart, closing above the dominant interior trend line (black diagonal line). Then, on Sunday and Monday, Ethereum continues to press on higher with closes above the Tenkan-Sen and Kijun-Sen at $4,100. ETH has not returned inside the channel of the former bear flag but finds itself facing resistance against the top of the Cloud (Senkou Span A).
A close at or above $4,500 would put Ethereum price above the Cloud, but the Chikou Span would still be slightly below the candlesticks. However, the oscillators support a sustained breakout. So, if Ethereum does close to at least $4,500, there is enough momentum and space for it to move higher and get to a close that would position the Chikou Span above the candlesticks – to at least $4,725.
ETH/USDT Weekly Ichimoku Chart
From there, the $5,000 value are will likely be tested, and new all-time highs are likely soon after. However, any failure by Ethereum to successfully breakout above the Cloud could see a deeper retracement to test the bottom of the Cloud at Senkou Span B ($3,800).
XRP price weekly candlestick hints at a bullish reversal
XRP price action suffered some of the most bearish price action during Saturday’s flash crash. XRP dropped nearly 38% before finding massive support at the 50% Fibonacci retracement and 2021 Volume Point of control in the %0.65 value area. From there, it shot up higher, past the 38.2% Fibonacci retracement at $0.84 to settle just above that price level.
The resulting price action has created a bullish hammer candlestick pattern on the weekly chart. The positioning and timing of this pattern could not have been more fortuitous for XRP price. The hammer pattern will help confirm the likelihood of a bullish reversal with the Relatives Strength Index and Composite Index oscillators. Combining the bullish hammer, the Relative Strength Index between two support levels, and the Composite Index at a historical low gives XRP a very high probability of moving higher.
XRP/USDT Weekly Ichimoku Chart
Initial resistance will likely be Senkou Span B at $1.04. Given how long Senkou Span B has traded in a flat condition, if XRP can rally above, it will be a significant, bullish event.
On-Chain Data Indicates XRP Price Is “Suppressed” and Has Room to Grow
According to Santiment, XRP is still “suppressed” at its current price and, hence, has room to expand.
On-chain data from Santiment suggests that XRP remains “suppressed” at its present price and, therefore, has the potential to grow. Recent volatility in the crypto market caused short-term price extremes, pushing the XRP price to the brink of the low of $0.57.
In terms of on-chain analytics, Santiment’s ”strong and oversold” indicates that XRP is showing signs of having an ”undervalued” price in comparison to its fundamentals. XRP was marginally up at $0.83 as of press time.
📊 Our 'Strong and Oversold' screener indicates some assets are showing signs of having suppressed prices compared to their fundamentals. Our requirements for this list include high market cap, volume, and address activity. $BTC $XRP $HEX $SHIB $WBTC $LTC https://t.co/CUCuCsS1ju pic.twitter.com/ZjWFjqzy3R— Santiment (@santimentfeed) December 6, 2021
When the price of an asset has decreased abruptly and to a level below where its true value resides, it is said to be oversold. This usually happens as a result of overreaction in the market or panic selling. Assets that have witnessed large decreases over a short period are often considered to be oversold in this instance.
XRP began this year trading at $0.21 after a drastic drop to the low of $0.16 in December 2020 when the SEC announced its lawsuit against Ripple. According to the SEC lawsuit, Ripple began raising funds in 2013 by selling unregistered securities of digital assets known as XRP.
Since then, it has been a challenging road for the cross-border token as crypto exchanges have delisted the XRP token. Despite these setbacks, Ripple seems undeterred, highlighting the “significant growth and traction of ODL” in its Q3 report.
The year 2021 has seen significant partnerships as Ripple’s on-demand liquidity (ODL) solutions expanded into the Middle East. In November, Ripple announced its partnership with the Republic of Palau to explore the country’s first national digital currency using the XRPL. The $250 million “Creator Fund” was launched to rope in NFT creators to XRP Ledger, which may result in the onboarding of new users.
Investors await a positive outcome on the XRP price in the aftermath of the SEC lawsuit, which Ripple CEO Brad Garlinghouse states would likely conclude by next year.
80 Million XRP Transferred Within One Hour, Here’s What It Was
A large number of XRP coins were transferred from the project’s official wallet to exchange.
A series of large Ripple coin transactions have appeared on the blockchain prior to the cryptocurrency market recovery. The total value of transferred funds equals approximately $76 million.
Three transactions appeared on the blockchain 15 hours ago, right before the recovery on the crypto market began. At that time, XRP was trading at $0.80 without any significant movements noticed on the market.
Official account transaction
The first transaction of 40 million XRP has been made from the official Ripple account to an unknown wallet that now holds 30 million coins. The transacted coins were not sitting in the wallet for a long time and were almost immediately transferred to another anonymous wallet, which then sent funds to a centralized exchange.
Community members have assumed that Ripple used two unknown wallets to sell their holdings on the exchange without making a direct transaction to the exchange’s address.
1.8 million sell order
While the official account’s transaction was made with the help of two unknown wallets, the next transaction is less suspicious and more direct. The anonymous whale transferred 20 million coins to the Bitso exchange 15 hours ago and receive almost the same amount back only an hour later.
According to the fund’s movement, this person, for whatever reason, transferred 20 million to the centralized exchange, left 1.8 million coins in the exchange’s hot wallet and transferred 18.2 million coins back to his own wallet. The reason behind such unusual fund movement remains undisclosed.
The coins themselves have not reacted to large funds movements with high volatility and have remained in the same trading range. At press time, XRP trades at $0.81 with negative 0.7% 24-hour performance.