SEC Lawyer: “Game OVER For Ripple And XRP” (What’s NEXT!?)

What's up, guys! I hope you are having a fantastic day. In the highlights today, I have a few hot
stories on the latest in the crypto world. We'll start with one from Cryptonewsflash.com
with the headline 'Vitalik Buterin warns that Cryptocurrencies are in a Bubble and Bitcoin
may get left behind.' It's always fascinating to hear what different
people think about cryptocurrencies, especially at such a time when we are having a bubble
formation and market pullbacks.

For those who might be wondering, Vitalik
Buterin is the genius behind the creation of Ethereum. Seeing such comments from him is actually
fascinating. You can hold my word to this, but I think
Vitalik is wrong about what’s happening. Yes, I said it! Now, far from that, we can see on U.today.com
the critical highlights from Ripple's latest discovery conference with the SEC. Previously, the SEC lawyer seemed a little
overly overconfident. He had stated that it's game over for Ripple
and XRP if one criterion is met, which I'll be sharing with you in detail later in this
video. But before we get into that, let's roll that
intro. As always, welcome back to Money Side- Your
favorite crypto news channel. If you are new here, welcome to the XRP fam. Hit that 'Subscribe' button and turn on your
notifications to get notified whenever we post our daily crypto updates.

Now, back to the first story of the day, we
can see Vitalik Buterin is talking about Bitcoin and cryptocurrencies getting left behind. Buterin is not worried by the cryptocurrency
market's current state while taking a dig at Bitcoin. In fact, Vitalik, in an interview with CNN,
discussed that cryptos are currently in a bubble, and when the bubble finally bursts
is uncertain and could possibly be months away. We would agree that we are forming a bubble,
and as much as such bubbles have occurred in the past, this one would be pretty unique
if altcoins fail to go off. Probably with bitcoin, we have hit the top,
but for altcoins, I don't think so.

This is the stage where if a coin pops off;
people will take their profits and reinvest them in other currencies like XRP that haven't
gone parabolic yet. And this right here is something we XRP holders
are really anticipating. Vitalik, in the CNN interview, said that 'Often
enough, the reason the bubbles end up stopping is that some event happens and that just makes
it clear that the technology isn't here yet.'I would like to disagree a little with what
Vitalik is saying as I don't think the bubble that's forming right now has anything to do
with fundamentals. I think it's just people who invested in something
simply want to take their profits. And when that happens, stop losses set off,
and the graphs cascade down, freaking more people out who start pulling their money. But this is just how markets work. What we are experiencing here is the same
things at play, FOMO. It's just human psychology that dictates where
the prices will go in the market. And I think the fate of most of these cryptocurrencies
will depend on what humans will find more valuable in the market over the next few years.

Will it be the store of value with BTC, or
will they probably find XRP a crypto that solves real-world cross-border transfers problems
more valuable? Well, there is only one way to find out! Jorge Tenreiro, a senior trial attorney at
the US SEC, hosted an affirmative telephonic conference on May 21st with Magistrate Sarah
Netburn. Jorge argued that Ripple's lawyers had told
the company that XRP could be both a security and a currency at the same time. Jorge said, 'They were sophisticated players. They hired at least 12 law firms… Ripple's supposed confusion has to be tested
against what it was actually being told.' Now, this is quite important as what's at
play here is, Can the SEC get its hands-on opinion letters from the SEC lawyers covering
topics on whether XRP is a security or a currency dating back to 2012? That's what's very crucial here, guys, as
well as the Ripple's fair notice defense.

That in itself is a strong defense that should
be in question here. Ripple has all the right to ask why they didn't
SEC let them know they are selling securities before selling more than 1.3 billion worth
of XRP. Moving on, we can see that, as reported by
U.Today, the SEC is trying to compel Ripple to produce legal advice it was able to obtain
from the lawyers regarding the status of XRP. Tenreiro claims that void for vagueness challenges
for Howey has been rejected while pointing out that the defendants injected their state
of mind into the case.

'They have directly inserted their state of
mind as part of their defense….' When asked about additional interference into
the attorney-client relationships, Tenreiro says it would be "gamer over" for Ripple if
it chose not to follow the advice it received from lawyers. He said, "If they received advice and they
did not follow, they would lose…What if their lawyer told them, you still have to
deal with the SEC? That would be game over for their defense,
that they were confused. We don't know what they have given the exchanges… Ripple tells us, what you were thinking is
relevant". Tenreiro may have a strong argument here,
but it doesn't seem to follow. The fact that their lawyers may have warned
Ripple that the SEC would come at them with a lawsuit doesn't mean their word was final.

The SEC is the authority here, and no matter
what the lawyers say, that doesn't count as definitive in any way. In response to the SEC lawyer's claims, Ripple's
lawyer Gregory Rapawy claims that Ripple's advice is not the subject of the defense. He says, "It doesn't matter that we believed
and believe that XRP is not an investment contract – it's strict liability. Our defense is fair notice, not on our state
of mind." In response, Tenreiro asked Ripple to withdraw
its affirmative defense. However, Rapawy says that Ripple is not resisting
the discovery of non-privileged internal documents, adding that both parties' internal documentations
are potentially relevant to the fair notice defense.

With that in mind, let's take a look at the
price action of XRP. We are looking at daily time frame. This is my new update for XRP. In the last 7 days XRP has fallen over 60%
and I know most people will panic selling right now, but I hope this analysis helps
you little bit. 2 months ago when we broke the 3 years resistance
level $0.65-0.75, we never backtested it, but today we finally have done it + we have
backtested the SMA200 and I expect this level is strong enough to hold. If we compare this structure to 2017 bullrun,
we see something similar and that is a big pullback around 60% and we all know what happened
after that, so if we repeat the same structure it will take us all the way to 4.236 fibo
level, also $10. I expect this to happen when Bitcoin is retracing
from $32000 to $47000-52000 and after that the bullrun in crypto is DONE.

I say this because XRP is always lagging behind
and it is one of the coins that has always finished the bullrun in crypto. So be patient and don't Panic guys! Please keep in mind, We are not a licensed
financial advisor. All videos on this channel are intended for
entertainment purposes only. Tell us what you think in the comment section
below and let's have a conversation. Thank you very much for watching. Don't forget to like this video and to click
on the subscribe button below. Turn on notifications to get informed whenever
we post our amazing content. We’ll see you in the next video..

You May Also Like