The SEC’s ongoing ripple investigation has seen new developments in the past 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.
The SEC has requested a conference call to pursue a protective order under FRCP 26 (c) (1), which would release the complainant from any obligation to respond to Ripple’s 29,947 admissions requests, within the last six hours fact. discovery on August 31st. Ripple gave the time for SEC until October 7th to respond to the requests for admission.
It appears that the regulatory body’s system lacks clarity. This comes to light referring to the recent statement made by James K. Filan, a defense lawyer and former federal prosecutor.
The SEC statement was as follows:
“The recordings are the best pure evidence of the contemporary opinions, processing and marketing of Ripple and the individual XRP defendants during the relevant time period. Indeed, The Recordings Ripple Has Produced So Far Are Highly Probative For The Key Disputes.”
Referring to the new SEC directive. We can understand that the regulatory agency is desperate to prove that Ripple’s XRP is security. XRP community arguing that the governmental entity failed to find atleast a single piece of evidence, hence it is playing new strategies. Additionally, company records would sometimes include confidential information that the SEC should not interfere with!
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.
The ripple price can reach $ 10 !!
The XRP price is trading at $ 1.02 with a slight loss of 0.15% over the past 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 maintain the current support level, the altcoin can dip between $ 0.7 and $ 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.
