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XRP Lawsuit: SEC Denial of Former Comments on Ether is Not Sitting Well with XRP Community

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The latest update in the ongoing social media battle fought by the XRP community, regarding the XRP lawsuit, recently saw the community unite to criticize the SEC for an emailed reply from the commission that has been leaked on Twitter.

According to the screenshot of the email, the SEC claims that they never made any public comments about Ether’s status, despite having Hinman’s 2018 speech still available on the commission’s website. Furthermore, they elaborated on their judgment process of determining whether or not a cryptocurrency is a security.

“Please be advised, that the SEC has not made any public statements regarding the status of Ethereum. Additionally, please note that the determination on whether a cryptocurrency is considered a security depends on the characteristics and use of the cryptocurrency.

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Moreover, cryptocurrency exchanges are not regulated securities exchanges.”, the SEC wrote in a mail replying to the most controversial question in the case, “Is the coin “Ethereum” a security?”

Is the SEC bias towards ETH over XRP?

According to CoinGape’s recent reportage, the stark similarities in the operations of both XRP and ETH have been more than evident to the community along with the commission. However, the SEC continues to only attack the XRP with extensively expensive and long-term lawsuits on the issue of being unregistered security. SEC Chief Grundfest commented on this matter even before the lawsuit was filed, objecting to the SEC’s stance he said, “imposing security law obligations on XRP while leaving ETH untouched raises fundamental fairness questions about the exercise of commission discretion”. 

The SEC itself made its arguments rather suspicious when it started rigorously fighting in favor of the DPP dispute, further trying to keep the evidence redacted or under seal. This evidence included the two documents related to the SEC’s meetings with law firms, along the email trail concerning discussions with a third party who received guidance from the SEC to analyze its digital asset under the framework set forth in Hinman’s June 14, 2018, speech. It is not unlikely that the SEC knowingly let ETH trade freely in the market while hitting Ripple with a lawsuit, levying its sale of XRP as unregistered securities.

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Macro Guru Raoul Pal Owns XRP, Says Crypto Asset Has Phenomenal Risk-Reward Despite Ripple Lawsuit

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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.

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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.

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“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.

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XRP is trading at $0.814366 at time of writing and is down -0.86% in the past 24 hours.

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XRP constricts before breaking out to $1

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  • 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.

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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.

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XRP Forecast and Analysis December 8, 2021

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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.

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