According to a motion filed in the Southern District of New York on August 2, Ripple CEO Brad Garlinghouse has issued a Letter of Request to the court, asking for XRP-related documents from Binance in the ongoing litigation with the US Securities and Exchange Commission (SEC).
The lawyers urged the court to assist Ripple in obtaining evidence from Binance through the Cayman Islands, which is home to the world’s largest cryptocurrency by trading volume.
Garlinghouse is requesting transaction information for XRP sales orders executed by himself, Ripple Labs, and co-founder Chris Larsen, according to the filings. The Ripple CEO feels the exchange has access to proprietary data about his foreign XRP transactions.
Mr. Garlinghouse seeks foreign discovery on the basis of his good faith belief that the listed entity possesses unique documents and information concerning this case, and specifically, concerning the process by which transactions in XRP allegedly conducted by Mr. Garlinghouse on foreign digital asset trading platforms were conducted.”
After being repeatedly rejected by the 200-day SMA, XRP has been in a horizontal price action around $0.75. As of writing XRP price is trading at $0.71and is down by 5.26% in the last 24 hours.
If Ripple can break through the 200-day SMA at $0.77, the $0.80 psychological milestone could provide upward potential in the long run. With more market support, the token will rise to $0.89, then $0.94, before reaching the coveted $1 milestone.
On the downside, if the price of XRP falls below the 50-day SMA of $0.66, selling orders may be triggered, pushing Ripple back down to the $0.62 and $0.52 support levels, respectively.
Once the SEC case is resolved, Ripple will achieve its breakthrough. However, the matter will not be resolved anytime soon, according to James K Filan, an American attorney who has been following the case closely.