The US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple, and it appears that the case is developing. The deadline for both parties to submit a request for accelerated procedures was today, September 19, Monday.
But this past weekend, one of these requests was submitted by each of the persons involved. If Judge Analisa Torres allows this motion, she will determine whether the sale of XRP violates any applicable securities laws based on the evidence at hand.
It appears that the American authority’s attorneys concluded that they would be unable to further strengthen their case. Several trial observers have previously intimated over the last several months that the SEC will take all necessary precautions to stop the release of records pertaining to William Hinman’s famous remarks in 2018. Ripple has asserted this time and time again.
Ethereum is a commercial product, not a security, according to the then-SEC Chairman.
It is clear that the attorneys have reached a stage where they would prefer to accept a judge’s ruling based on the evidence at hand than take extra chances that would aggravate their situation.
According to Stuart Alderoty, the legal representative for Ripple, the SEC lost the court case for two years anyway, which is why they are coolly considering a fast-track procedure:
“[The SEC] can’t even prove that a single point of the Supreme Court’s Howey test is met. All the other arguments are hot air.”
CEO Brad Garlinghouse said:
“Today’s request makes it clear that the SEC is not interested in complying with existing law. On the contrary, it intends to reshape the law in an impermissible attempt to extend its powers well into beyond what was granted to him by Congress”.
According to attorney Jeremy Hogan, there are various issues with the Autorité des marchés financiers. According to experts, market factors, not Ripple itself, are mostly to blame for the volatility in the price of XRP. Additionally, it was unable to locate an investment contract, and the purported marketing collateral created to promote XRP never materialized.
Overall, it appears that the SEC lawsuit will result in a loss rather than a victory.
Technical coast landmarks Ripple is now down 6.92% at $0.3532.
The 23.6 percent Fibo retracement of $0.3803 served as resistance yesterday, while today’s closing price was lower than the 38.2 percent Fibo retracement of $0.3626.
This demonstrates that the upward trend has already come to an end because it was followed by a test of the $0.3483 50% Fibo retracement today. We may only try to retake the recent high of $0.3975 if we are successful in holding it at the daily closing.
If not, there is a greater likelihood that the support of the 61.8 percent Fibo retracement around $0.3339 would be tested. Losses below $0.3135, or the 78.6% Fibo retracement, are possible.
