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Is This SEC’s New Desperate Attempt to Prove XRP a Security??

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The ongoing SEC’s investigation against ripple has seen some new developments over the last 24 hours. Additional directives issued by the governmental entity could become a major setback for Ripple labs. As they will cause the battle to drag on even longer. 

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The SEC  has requested a telephone conference in order to pursue a protective order under FRCP 26(c)(1), which would relieve the plaintiff of any obligation to reply to the 29,947 requests for admission from Ripple, in the final six hours of fact discovery on August 31st. Ripple gave the time for SEC until October 7th to respond to the requests for admission.

There does seem lack of clarity in the regulating agency’s system. This comes to light referring to the recent statement made by James K. Filan,  a defense lawyer and former federal prosecutor.

SEC’s statement was:

“Recordings are the best, unadulterated evidence of Ripple’s and the individual defendants’ contemporaneous views, treatment, and marketing of XRP during the relevant time period. Indeed, the recordings Ripple has produced so far are highly probative for the key disputes.”

Referring to the SEC’s new directive. We can understand that the regulating agency desperately wants to prove Ripple’s XRP is a security. XRP community arguing that the governmental entity failed to find atleast a single piece of evidence, hence it is playing new strategies. Additionally, recordings of the company would include confidential information sometimes that SEC must not intervene!

Founder of Crypto-Law.us and a lawyer John E Deaton said in an interview with Fox Business on October 1st that the end result will be in favor of Ripple.

Ripple Price May Hit $10!!

The XRP price is trading at $1.02 with a slight loss of 0.15% in the last 24 hours. The asset has the next resistance level at $1.3 if it breaks there then XRP could hit $2. On the contrary, if the price fails to hold the current support level then the altcoin may plunge down between $0.7 to $0.9.

If SEC’s lawsuit comes in favor of XRP then expect a huge bull rally of Ripple where it may hit even $10.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

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