The case against Ripple before the Securities and Exchange Commission is coming to an end. In the most recent step in the case, roughly thirteen papers have been removed from public view.
The outcome of the SEC v. Ripple could lead to a rise in XRP price
The Securities and Exchange Commission has filed a motion to keep records requested by Ripple from being made public. One of the thirteen items that count as internal SEC records in the case has been found by the XRP Army, a group of XRP proponents and supporters.
A speech draught by William Hinman, former SEC director of Corporation Finance, is attached as an attachment to an email sent to SEC officials for evaluation and feedback. @digitalassetbuy, a pseudonymous XRP supporter, feels Hinman’s speech was based on a collection of people’s ideas.
Here it is @JohnEDeaton1 The Hinman speech came from this. It looks like a whole collection of people’s personal opinions. https://t.co/3JPoJ316uw
— Digital Asset Investor Researcher/Wild Speculator (@digitalassetbuy) September 16, 2021
Since declaring in June 2018 that Ether is not a security, Hinman’s speech is seen as crucial to the case’s result. Hinman claimed at the time that he had notified Ripple about XRP and asked the business to stop selling it.
Gary Gensler, the current SEC Chair, on the other hand, refused to respond when asked about Hinman’s statement.
The XRP Army wonders why the SEC is picking winners and losers in the cryptocurrency business, given the current investigation of Coinbase, the world’s second-largest cryptocurrency exchange, and the firm behind the sixth-largest cryptocurrency, XRP.
Experts predict Ripple will win the SEC case, which could see a rise in the XRP price. It is predicted that as investors and traders rush in to invest, XRP would price would rise. By the end of the year, it is feasible to expect XRP to reach $2.30.
The argument stems from Hinman’s 2018 speech and the SEC’s ongoing investigation of Ripple, which began in December 2020. On September 15, Fox Business Network’s Charles Gasparino presented the SEC’s response to “picking winners and losers.”
BREAKING (1/2): @SEC_Enforcement sources tell @FoxBusiness the logic of the agency’s case v @Ripple is that the company’s infrastructure is STILL being built out so XRP — the token which was used to finance the thing — is considered a security. @ethereum infrastructure is
— Charles Gasparino (@CGasparino) September 15, 2021
John Deaton, the founder of Crypto-Law.us and an XRP supporter, believes Ripple will prevail based on its present defense.
This is why the memo and evidence tweeted out below by @digitalassetbuy helps @Ripple’s Fair Notice Defense.
It’s an OBJECTIVE standard. Ripple could have bad intent and still win.
But don’t take my word for it. Here is Judge Netburn: 👇#xrpwins https://t.co/sTa57B2JRR pic.twitter.com/88e4IWApH0
— John E Deaton (@JohnEDeaton1) September 17, 2021
Institutional investors have not made significant moves in XRP since December 2020, since the altcoin’s largest public holder is under investigation by the SEC.
However, it’s worth noting that in the last three months, the number of active XRP wallet addresses has climbed by more than 200 percent. Despite recent delistings on multiple spot exchanges, retail traders are adopting XRP, which is bullish for the XRP price in the long run.
Peter Brandt, a great trader, and analyst published a potentially profitable long-term chart for the XRP/USD combination.
The altcoin’s price chart, according to veteran trader Brandt, reveals a head-and-shoulders pattern. According to FXStreet analysts, XRP must hold support at $1.06 to avoid a 30 percent drop, and it will likely face resistance at $1.27 before recovering further.
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Also read: Steve Cohen now supports the Crypto Industry
