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XRP Lawsuit: SEC aims to make XRP skip the bull run with an Expert Discovery Extension Appeal

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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.

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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.

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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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XRP price consolidates as Ripple bulls eye a 15% run-up

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  • XRP price is hovering above the $1.01 support level, anticipating a potential retest before an upswing originates.
  • A breakdown of this level could lead to a buy opportunity at $0.98 before Ripple rallies to $1.17.
  • A daily close below the $0.92 foothold will invalidate the bullish thesis.

XRP price has been on a downtrend for roughly two weeks and shows that a short-term reversal could be near. Market participants need to watch for two immediate support levels that are likely to facilitate this bullish outlook.

XRP price to pull a 180

XRP price has dropped roughly 23% since November 10 to where it currently trades – $1.04. The downswing is likely to retest the $1.01 support floor formed by the November 18 swing low. This will create a triple tap setup, suggesting that a short-term reversal in momentum is likely. 

In this scenario, the XRP price could attempt to retest the 50% retracement level at $1.17. This run-up would constitute a 15% ascent from $1.01.

While this scenario makes sense, a breakdown of the $1.01 support floor will suggest that a further downswing is possible. However, this move does not invalidate the bullish thesis but provides investors with a buy opportunity at $0.98. Investors can expect a bounce off this level to propel XRP price to the same level as before at $1.17. This move would constitute a 19% climb.

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XRP/USDT 4-hour chart

XRP/USDT 4-hour chart

While things are looking up for the remittance token, a breakdown of the $0.98 support level will create a lower low and invalidate the bullish thesis. This move would also suggest a weakness in buying pressure and set the stage for further losses. In this situation, market participants can expect XRP price to drop by about 6% to $0.92.

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