a former marine turned class-action lawyer john e deaton got interested in cryptocurrency in 2016 and then invested in ripplecoin xrp in the year 2020 he was taken aback when the u.s securities and exchange commission sued ripple over allegations that xrp was an unregistered security now his effort has developed into a crusade for thousands of xrp holders in today's video we will talk about the latest updates on the ripple versus sec conflict but before we start make sure to enable all your notifications to our channel to keep up with all the hottest secrets in the world of xrp the united states district judge has denied the plea of xrp holders to intervene in the u.s securities and exchange commission suit against ripple labs but is promoting them to provide the court information on the case as friends of the court the ripple holders may view xrp differently from defendants and thus may stress different arguments wrote judge annalisa torres in her october 4 ruling in the month of april rhode island-based attorney john deaton on behalf of six ripple investors together referred to as movance filed a motion to intervene in the suit as a third-party defendant how can they not intervene when they witness such atrocities citing their significant interest in the property at issue in the sec's enforcement motion against ripple for its alleged unregistered securities offering of ripple worth over 1.38 billion us dollars in the same suit the sec also named ripple's ceo brad garlinghouse and executive chairman chris larson as co-defendants for allegedly aiding and abetting ripples violations while ripple did not oppose the xrp holder's effort to intervene the sec was vehemently against it arguing that it resulted in constitutionally and statutorily barred interference that would sow chaos in the suit moveants and defendants possess an identity of interest as they share the identical ultimate objective torah said both movants and defendants need the same outcome particularly xrp now being traded is not a security the ripple holders will not be permitted to present evidence but shall be permitted to assist the court by briefing legal issues relevant to the case as approved in advance by the court taurus added the suit is being closely watched by cryptocurrency companies and investors worldwide for its far-reaching implications on other tokens which might be deemed securities in violation of u.s law ripple also argued that it did not receive fair notice that the sec would treat xrp differently from bitcoin and ethereum two cryptocurrencies that former sec director william hinman had declared were not securities in a speech in 2018 when he was the head of the sec's division of corporate finance james fallon a defense lawyer and former federal prosecutor who often comments on this lawsuit said in a tweet court gives at john e deaton 1 power to brief questions of law on behalf of individual mauvons this is a great win for the hashtag xrp community as the interests of the individual movants and the hashtag xrp community are aligned ripple's general counsel stuart alderati also used twitter to say ripple holders have always mentioned that the sec's lawsuit is a direct attack on them now the entire thing is official the court's ruling allows john deaton to share his meaningful perspective to help the court reach an adequate decision yet another crucial and positive development xrp the sixth largest crypto by market value is currently trading at one dollar and eight cents u.s up over 16 percent in the past week well some good news as to the suit agenda attorney james k fallon shared an updated lawsuit agenda with designed by xrp community member at steedas let's now quickly look at a few of the recent updates on october 7 ripple was anticipated to respond to the sec's request for a protective order relieving the sec to answer around 30 000 requests for admission on october 8 ripple was due to respond to the sec's intention to force the production of video and audio taped recordings important to the case the sec complained that ripple did a flawed search on september 28 the lawsuit's most famous telephone conference relating to the sec's claim of deliberative process privilege for its documents resulted in the judge asking for an in-camera review with her ruling on the matter that was to come in no earlier than september 28th ripple also recently filed a revised response to the sec's brief about the allegedly privileged documents with a revamped nature arguing that if the sec's deliberations are only personal opinions from the agency's officials then these documents can't be considered as privileged information in the eyes of the law their council team found that the sec was withholding confidential information proving that hinman's 2018 was official policy and not a personal opinion they have proven this before and they will prove it again no date on xrp holders they have scored a significant win by being granted the amicus curiae status despite seeing its motion to intervene denied this will allow john deaton and five other individuals to submit briefs to the court but no date has been set no date on howie the court is due to scheduling a date to discuss further ripple's motion to compel the sec to answer its interrogatories on how the howie test applies to all xrp transactions over the past eight years no date on emotion to strike fair notice defense the sec filed the motion on the grounds that a ripple win would nullify the howie test no date on garlinghouse and larson's motion to dismiss the individual defendants requested the dismissal of the sec's first amended complaint in late august the court updated the schedule to extend fact discovery to accommodate the depositions of brad garlinghouse and chris larson the deadline for expert discovery has been extended to november 12.

We have 10 hours till the deadline so we dig in ripple price has been less volatile the last two weeks while other altcoins like shiba inu and others have more than doubled in value in less than six days interestingly ripple indicates a huge bullish setup the cup and handle on the two-week chart the technical form includes a rounding bottom that forms a cup and a more minor u-shaped consolidation to its right side called the handle a decisive close on top of the line connecting the peaks of the cup and handle shows a breakout and forecasts a 906 percent ascent calculated by measuring the distance between the cup's lowest part and its right peak adding this measure to the breakout point shows a target of 15.30 however xrp will need to slice through its 2018 all-time high at 3.32 cents and rally exponentially to reach a new record high at 15 dollars and 30 cents while the technical formation indicates a double-digit target the relative strength index or rsi supports the scenario since it is hovering at 55 well lower than the overbought zone also the inclined support line connecting the higher lows that rsi has formed since march 2 2020 shows a positive indication of the ongoing trend therefore investors can anticipate any short-term downswings to go off this 574-day-old trend line also the moving average convergence divergence indicates that the macd line is above the signal line which indicates a bullish crossover suggesting that the short-term bullish outlook is climbing the histogram also shows receding orange lines hinting at a decrease in selling pressure if the bullish momentum continues to increase the histograms will also reveal a bullish crossover crediting the optimistic outlook for the remittance token with that being said we have come to the end of the video we also want to let you know that this video is purely for entertainment and does not offer any financial advice it is always best to do your wide spectrum research before investing if you enjoyed the video hit the like button and let us know your thoughts in the comments section below see you soon with another video until then bye

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