Connect with us

Ripple

RIPPLE SCORES MAJOR WIN AS JUDGE FINDS OUT IF SEC LIED TO COURT

Published

on

ripple-v-SEC

Ripple found out about an email chain between the SEC and a third party that could prove Hinman’s 2018 speech was not merely a personal opinion, but the SEC’s policy. The Judge wants to take a look at it.

At the center of the debate is ex-SEC Director William Hinman, who gave a famous speech in 2018 stating Ethereum is not a security, which prompted the price of ETH to skyrocket.

Ripple’s legal team has recently detected descriptions from the SEC’s privilege log which suggest they may be highly relevant to this case.

Advertisement

One, in particular, is an email chain “concerning discussions with a third party whom Defendants understand received guidance from the SEC to analyze its digital asset under the framework set forth in Director William Hinman’s June 14, 2018 speech”.

“The SEC sent an email to a third party telling them to analyze a digital asset using the factors in the Hinman speech; which speech was just his personal opinion. I understand now – it’s the SEC that needs clarity!”, attorney Jeremy Hogan commented at the time, pointing out the agency’s contradictions.

The document could explicitly prove Hinman’s speech was not merely a personal opinion, but the SEC’s official policy. This has been a key issue in the lawsuit.

Advertisement

Furthermore, if the Judge confirms that the SEC spent all this time insisting the speech was merely Hinman’s personal opinion while providing guidance based on that speech, the SEC will likely be in a bad place throughout the rest of the lawsuit.

JUDGE WANTS TO REVIEW THE EMAIL CHAIN

The breaking news here is that Judge Sarah Netburn has ruled in favor of Ripple’s request and will be adding the documents and the email chain to the in camera review.

Advertisement

“Defendants’ request is GRANTED. The SEC shall submit the two documents related to the SEC’s meetings with law firms and the email chain for in camera review, along with a submission explaining its privilege assertions for each of those documents, no later than October 15, 2021. The SEC shall file a redacted version of its submission on the public
docket. Defendants’ response is due no later than October 22, 2021. SO ORDERED.”

When will the Judge complete the review and rule on the SEC’s deliberative privilege process issue, it is unknown, but Ripple has recently filed a revised response on the matter.

The Defendants, led by attorney Matthew C. Solomon, are making the point that no Deliberative Process Privilege (DPP) exists because the Securities and Exchange Commission has never deliberated about policy regarding digital assets.

Advertisement

Ripple’s attorneys are placing the SEC between two options:
– Its officials’ views on digital assets – including Hinman’s speech – are only personal opinions, which means there is no Deliberative Process Privilege case to be made;
– Its officials’ views were policy, there is a DPP case to be made, but Hinman’s speech and other officials’ views can be used as evidence against the SEC in the lawsuit.

It also seems that a memorandum by the SEC’s Division of Corporation Finance relating to a “legal analysis of XRP” circulated amongst certain SEC individuals on June 13th, the day before Hinman’s speech.

Judge Sarah Netburn will be the one making the ruling regarding the privilege issue, but the SEC has already been ordered to hand over many of those documents to Ripple’s attorney and despite the Judge’s orders, the agency refused to do so.

Advertisement

This is the SEC’s last chance and it looks quite bleak for the financial watchdog.

Original Source

Advertisement

XRP

XRP constricts before breaking out to $1

Published

on

  • XRP price begins to move above the consolidation it has experienced post flash crash.
  • A key test of the $.90 value area would be the final hurdle before XRP hit $1.
  • Bullish entry setup is now present on XRP’s Point and Figure chart.

XRP price, like almost every other cryptocurrency, showed strong signs of recovery after the shock of this past Saturday’s flash crash wore off. The past three days of congestion after a strong rally from the lows may begin a new uptrend for XRP.

XRP price ready to test $0.90, $1.00 next

XRP price has held a strong level of support near the $0.83 value area every since Sunday. Concerns about further downside pressure remain, but the bullish behavior of XRP during the NY lunch hour showed evidence of some substantial buying volume.

There is a hypothetical long trade opportunity on the $0.05/3-box reversal Point and Figure XRP price chart. The entry is a buy stop at $1.05, a stop loss at $0.85 and profit target at $1.75. The entry is based on a Point and Figure pattern known as a Bearish Shakeout. This pattern is valid only when a trend reversal is anticipated and positioned to do so. A two-box trailing stop would help protect any implied profits.

XRP/USDT $0.05/3-box Reversal Point and Figure Chart

If the hypothetical long entry triggers, traders should expect some resistance at the $1.15 and $1.25 value areas before any substantial rise occurs. Additionally, a pullback to the entry zone after $1.50 is another likely scenario that traders should watch out for.

Advertisement

However, bulls should be aware that downside risks remain for XRP. The biggest cloud hanging over XRP remains the unknowns with the ongoing SEC case, which will have ramifications market-wide.

News Source

Advertisement
Continue Reading

XRP

XRP Forecast and Analysis December 8, 2021

Published

on

ripple

XRP/USD are trading at 0.8206 and continue to move as part of the correction and the downward channel. The capitalization of the Ripple cryptocurrency at the time of the publication of the forecast is $39,508,554,960. Moving averages indicate a short-term bearish trend for Ripple. Prices went down from the area between the signal lines, which indicates pressure from the sellers of the asset and the potential continuation of the XRP rate decline in the market already from the current levels. At the moment, we should expect an attempt to develop asset growth and test the resistance level near the 0.8565 area. Further, a rebound downward and the continuation of the fall of the cryptocurrency to the area below the level of 0.4955.

XRP Forecast and Analysis December 8, 2021

In favor of falling XRP/USD quotes, a test of the resistance line on the relative strength index (RSI) will come out. The second signal in favor of a decline in asset quotes will be a rebound from the upper border of the descending channel. Cancellation of the option of falling cryptocurrency will be a strong rise and closing of quotations above the level of 1.1005. This will indicate a breakdown of the resistance area and continued growth of XRP/USD to the area above the level of 1.1565. Confirmation of the fall in the digital currency rate will be a breakdown of the support area and closing prices below 0.7245.

XRP Forecast and Analysis December 8, 2021

XRP Forecast and Analysis December 8, 2021 implies an attempt to test the resistance level near the 0.8565 area. Where can we expect the cryptocurrency to continue falling with a potential target at the level of 0.4955. An additional signal in favor of a decline in Ripple will be a test of the trend line on the relative strength index (RSI). Cancellation of the option of falling quotations will be a strong growth and a breakdown of the 1.1005 area. In this case, we should expect a continuation of the rise in the digital currency with a target above 1.1565.

News Source

Advertisement
Continue Reading

Bitcoin

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto markets recover, but BTC could ruin the party

Published

on

  • Bitcoin price continues to stride with $53,687 and $56,276 as its short-term targets.
  • Ethereum price pauses before retesting the $4,659, followed by the $4,777 hurdles.
  • Ripple price to face a declining resistance level before it retests $0.956.

Bitcoin price has been on a steady recovery phase after the recent flash crash. Ethereum and Ripple follow big crypto and are on their trajectories of retracement. The upswing for BTC is likely to continue, but investors need to note that a downswing might emerge such that a range forms.

Bitcoin price eyes higher highs

Bitcoin price is recovery from its December 4 crash and is currently hovering around $50,000 psychological level. This ascent comes as BTC tries to flip the inefficiency left by the bears during the recent sell-off.

While $53,687 is still the short-term resistance barrier BTC wants to tag, investors need to know that BTC might sweep the swing low at $46,698 and set a trading range. Although this might result in a brief correction, it can serve as an opportunity to accumulate for sidelined buyers.

Clearing $53,687 will open the path for Bitcoin price to tag the next level at $56,276. In total, this run-up would constitute an 11% ascent from the current position.

Advertisement
BTC/USD 4-hour chart

BTC/USD 4-hour chart

On the other hand, if Bitcoin price retraces to the extent that it produces a lower low below the December 4 swing low at $40,867, it will invalidate the bullish thesis.

Ethereum price promptly follows BTC

Ethereum price has rallied roughly 30% from its December 4 swing low at $3,370 and shows signs that it wants to go higher. The $4,493 resistance barrier is the first level ETH will encounter. Clearing this level will place $4,659 and $4,777 hurdles in its path.

Ethereum will easily tag these levels, but the holders should keep a close eye on the all-time high at $4,878, as ETH might revisit. In a highly bullish case, Ethereum price could extend beyond its record level and set up a new one at $5,000.

Advertisement
ETH/USD 4-hour chart

ETH/USD 4-hour chart

While things are looking up for Ethereum price, a failure to breach through the $4,493 hurdle could indicate a weakness among buyers. If ETH retraces lower and produces a lower low below $3,890, it will invalidate the bullish thesis.

Ripple price faces two hurdles

Ripple price has seen a considerable recovery, similar to Bitcoin and Ethereum. As it stands, the XRP price looks ready to tackle the bear trend line extending from November. Any uptick in buying pressure pushes the remittance token toward this barrier.

A decisive 4-hour candlestick close above this trend line at roughly $0.87 will set a higher high and confirm an uptrend. This move could attract sidelined buyers and propel XRP price to retest the $0.956 barrier.

Advertisement

In total, this climb would represent a 15% gain from the current position.

XRP/USD 4-hour chart

XRP/USD 4-hour chart

On the contrary, if Ripple price fails to slice through the declining trend line, it will suggest that the sellers are not done offloading. In this situation, the XRP price will knock on the $0.764 support level.

A breakdown of this barrier that produces a lower low will invalidate the bullish thesis for XRP.

Advertisement

News Source

Continue Reading