good news! Ripple has passed another motion of the US Securities and Exchange Commission. Yes it is, That's right! The cryptocurrency has been in a legal battle with the Securities and Exchange Commission (Securities and Exchange Commission). It seems to have won an epic victory. More importantly, we may clarify what the US Securities and Exchange Commission (SEC) proposed Some controversial views, if this is to stand out from this "alive" battle , Which may enhance Ripple’s popularity. Welcome to the "money side". As always, if you are a novice, click the subscribe button and then click the bell to get Instant notification. By the way, let's start discussing today's topic: Ripple won the legal battle against the SEC. Both the SEC and Ripple provided sufficient evidence To support their argument, both sides were hit. Unfortunately, Due to the lawsuit, the price of Ripple in the market has been hit. Fortunately, Ripple’s lawyers hyped up, claiming that the US Securities and Exchange Commission failed to disclose Information about how they classify Ethereum and Bitcoin.
Ripple lawyers believe that The classification of Bitcoin and Ethereum mainly focuses on "self-service prediction and Misdescription" above. This sentence was quoted in a letter quoted from Magistrate Sara. Lawyer Ripple went on to say that the documents of Bitcoin and Ripple are necessary for revenge. This has led to "deeply widespread consumer uncertainty" regarding the XRP agency. Jeremy Hogan and Jesse Hynes are both excellent lawyers. They praised Ripple for giving Letter from the judge. And according to Jeremy, the judge has no choice but to approve Ripple's motion. In other words, The judge voted for the disclosure of records concerning Bitcoin, Ethereum and Ripple. If the log shows any evidence of foul play, it will be a complete game changer.
Most importantly, Jesse added that the case against Ripple’s CEO It was a mistake for the agency, because that is what makes the record meaningful. The release of those documents Will mainly determine the size of the error. Besides, the Ripple lawyer sounds like They had already smelled a rat somewhere, and they were just waiting for it to appear. About two months ago, the U.S. Securities and Exchange Commission (SEC) had a dispute with the crypto giant's identity. This can be used in the case of XRP. This means it will be difficult for the SEC to prove Their motives for filing a lawsuit against the two chief executives Garlinghouse and Larson.
From our perspective, the SEC is working to eliminate defenses and limit Ripple Obtain specific discoveries. If I make a crazy guess, in their Bitcoin and Ethereum documentation There is solid evidence. Since December of last year, Ripple and the SEC have been in continuous In battle. It was upgraded at the beginning of this year, This led to the removal of Ripple from the US cryptocurrency exchange. Having said that, nothing can stop Ripple has a solid defense against the SEC. On the surface, the SEC is now It may be a little nervous. The US Securities and Exchange Commission will focus its actions Put it on digital assets. More importantly, how do digital assets market them To potential users and their functions. This is what they are trying to prove, But the biggest challenge is that from a defensive point of view, The SEC positions Ripple as an object that causes "widespread consumer uncertainty." If that is the reason, Why does the SEC do such a thing? If so, do they own shares in Bitcoin and Ethereum? These issues are becoming a contest between the SEC and Ripple.
For some reason, the case turned out to be a battle of discovery. From the standpoint of all of us, there seems to be some skeleton in the SEC's closet. Fortunately, the Ripple defense team performed well, and now at the end of the tunnel We may understand. We are all waiting for documents on Ethereum and Bitcoin. This will clarify why Ethereum and Bitcoin are only two assets listed, not securities. The request is based on the FOIA (Freedom of Information Act) avoided by the SEC .
The bill aims to increase the transparency of the government (including the SEC). Journalists often use this request when they discover information or smell stories. The bill allows the public Obtain information about non-confidential documents from various federal agencies . The defense stated that the SEC’s The transcendence theory is equivalent to picking winners and losers in the virtual currency field, because The agency has exempted Bitcoin and Ethereum from such regulations. And the statement alone This caused a loss of 15 billion U.S. dollars in virtual assets that the SEC claimed to protect. These allegations against XRP by the US Securities and Exchange Commission (SEC) resulted in the token (the third largest in the market) Cryptocurrency) plummeted, and it is still going through a difficult time.
The agency claimed that The issuance and distribution of Ripple is to enrich the founders. Insiders In the dispute, the company insiders told investors that they have the opportunity to Enrich yourself when you join. According to the U.S. Securities and Exchange Commission, this could mean that Ripple The team is providing a lot of information to other investors, which is illegal. The defense continued to assert to the court, The price of Ripple has nothing to do with the company of Ripple. In addition, The defense team also recommended that other institutions list XRP as a currency rather than a security. Including the Ministry of Justice and the Ministry of Finance. The US Securities and Exchange Commission (SEC) and Ripple’s All the back and forth of the defense team greatly affected the price of XRP worldwide.
More important The thing is, now investors’ confidence in XRP has been compromised, affecting the future of the token. If we look at the 1 hour time frame; XRP most recently The Fibonacci retracement level that fell from $0.6 to $0.45 is drawn in yellow , And overlap with the similar retracement level drawn by the white line XRP earlier, long-term trend. Converge in the $0.539 area , Marking it is a strong support level. XRP tested the resistance level of $0.565, but after many attempts Both were rejected, forming an ascending triangle pattern, which collapsed. This makes it possible for the price to return to $0.542, but the technical indicators It has not yet shown a drop of less than $0.538. In the past few days, the level of $0.538 From resistance to support. Rejected at the next resistance level of $0.565, expected The candlestick will fall to $0.538, but it will not go further. Longer time is neutral or reluctant Bullish, which makes it possible to buy less risky companies.
Trading volume is also weak, indicating that the market Participants are on the sidelines. *End of chart* The supporters of XRP are called "XRP Army" and have started Organized an event to fight for exchanges to relist the cryptocurrency, and it has Use "#RelistXRP" as a label. On March 22, this week, The number of XRP-related posts on various social media networks has surged. according to According to LunarCRUSH's data, the interaction increased by 309% in less than three days. more importantly, More than 80% of social interactions are optimistic about Ripple's native token.
In other important news, Ripple complained about accessing Bitcoin and Ethereum records, Claim that they are important to XRP. SEC refuses to handover with Bitcoin and Ethereum Related documents. However, Ripple’s lawyer argued that the court When claiming that Bitcoin and Ethereum have nothing to do with the XRP case, one cannot just accept the words of the SEC. Ripple claims that the SEC's handling of XRP has caused "widespread industry uncertainty." Please remember that we are not a licensed financial advisor.
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