The latest update in the XRP lawsuit saw Ripple file an opposition to the SEC’s letter seeking a two-month extension of the Court-ordered expert discovery deadline, dragging the case further into the new year. Ripple noted that while it agreed to extend the deadline for rebuttal expert reports to November 12, expert discovery should not be extended beyond December 10. Ripple asserted that extending expert discovery to January 2022 will “unduly prejudice” Ripple and continue to “freeze” XRP markets in the United States.
XRP remains bearish during the ongoing bull run
As other tokens are enjoying the ongoing bull run, XRP continues to stay bearish because of the lawsuit. Ripple suggested that the court should consider whether allowing further modifications in the schedule at this stage of the litigation will prejudice defendants. The defendants argue that with every additional day this suit is pending is another day where the XRP markets remain frozen, and these are the markets that Ripple depends on for its product offerings, therefore it is “severely prejudicial” to Ripple’s business.
“The SEC’s claim that its proposed extension “would not prejudice Defendants in any material way” ignores the obvious. The pendency of this lawsuit has significantly hurt the markets for XRP, especially in the United States. Ripple’s cross-border payment product relies on liquid XRP markets. The SEC well knows that within days of it filing its suit, almost 20 exchanges de-listed or suspended XRP trading in the United States,1 and more have since followed suit, critically damaging the market for XRP.”
SEC’s December 17 compromise exposed
Ripple also highlighted the SEC’s hypocritical move in approaching the defendants for a compromise that it eventually agreed to but filed a completely different motion. The defense noted that the plaintiff’s initial proposal that was made just three days before it filed this motion, was to extend the expert discovery deadline to December 22. The day before the SEC filed its motion, Ripple offered the December 10 deadline, to which the SEC disagreed and proposed December 17. However, on the very day, the commission filed a motion appealing for an extension of expert discovery to January 14, 2022, it also represented to Ripple that discovery could be completed nearly one month earlier, by December 17.
Macro Guru Raoul Pal Owns XRP, Says Crypto Asset Has Phenomenal Risk-Reward Despite Ripple Lawsuit
Real Vision chief executive Raoul Pal is explaining why he is a holder of the XRP and how he sees the crypto asset’s risk/reward ratio.
The former Goldman Sachs executive says in a new interview with Thinking Crypto that he bought a position in XRP about a year ago, citing the U.S. Securities and Exchange Commission’s (SEC) lawsuit against the payments company Ripple as a primary factor.
“I bought it for the reason that A) It does have use cases and it is being used, and B) The court case is a phenomenal risk/reward.
It got heavily discounted in the price, and then I looked at it and thought, ‘Well, what’s it going to do? Fall 100% from here to zero? But if it gets solved, it’s [up] 10x.’ And I’m like, ‘Well that’s a no-brainer.’ Why would you not take a 10-1 risk/reward that has a catalyst around it?”
The SEC filed charges against Ripple last December alleging that the San Francisco-based payments company sold XRP as an unregistered security during its launch. The regulator alleges that XRP remains a security to this day.
Pal says his XRP bet hinges entirely on the court case.
“It’s all about this court case, right?
Because the price can’t go anywhere – it got delisted from everywhere. It can’t go anywhere until it’s resolved, because the richest, most powerful country on Earth is not allowed easily to invest in it.”
Ripple chief executive Brad Garlinghouse said last month that he was hopeful the legal battle would be resolved next year.
XRP is trading at $0.814366 at time of writing and is down -0.86% in the past 24 hours.
XRP constricts before breaking out to $1
- 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.
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.
XRP Forecast and Analysis December 8, 2021
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 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.