- The latest development in the ongoing SEC vs. Ripple lawsuit is that documents are classified as privileged and blocked for public viewing.
- Though institutional investors are yet to take big bets on the altcoin in 2021, retail investors are actively trading in XRP.
- One veteran trader expects XRP price to climb higher in the long-term.
The Securities and Exchange Commission’s case against Ripple is drawing to a close. The latest development in the proceedings has nearly 13 documents being pulled out of public view.
Outcome of SEC v. Ripple case may trigger a rally in XRP
The SEC has filed a motion to protect documents requested by Ripple from public viewing.
The XRP Army, proponents and supporters of XRP, have unearthed one of the 13 entries that count as internal SEC documents in the case.
A speech draft of William Hinman, former SEC director of Corporation Finance, is enclosed as an entry in an email submitted for review and comment by SEC officials.
Pseudonymous XRP proponent @digitalassetbuy believes that Hinman’s speech came from a collection of people’s opinions.
— Digital Asset Investor Researcher/Wild Speculator (@digitalassetbuy) September 16, 2021
Hinman’s speech is considered critical to the outcome of the case since he declared that Ether is not a security, in June of 2018. Back then, Hinman argued that he had warned Ripple about XRP and advised the company to halt its sales.
On the contrary, when asked about Hinman’s statement, Gary Gensler, the current SEC Chair, refused to comment.
With the ongoing investigation of the world’s second-largest cryptocurrency exchange, Coinbase, and the firm behind the sixth-largest cryptocurrency, XRP, the XRP Army asks why the SEC is picking winners and losers in the industry.
The argument dates back to Hinman’s 2018 speech and the SEC’s proceedings against Ripple since December 2020.
Charles Gasparino of Fox Business Network shared the SEC’s response to “choosing winners and losers”, on September 15.
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
The founder of Crypto-Law.us, lawyer and XRP proponent John Deaton believes Ripple will win based on its current defense.
It’s an OBJECTIVE standard. Ripple could have bad intent and still win.
— John E Deaton (@JohnEDeaton1) September 17, 2021
With XRP’s largest public holder under investigation by the SEC, institutional investors have not made big moves in the altcoin since December 2020.
However, it is interesting to note that the number of active XRP wallet addresses has increased by over 200% in the past three months. Retail traders are adopting XRP despite recent delisting across several spot exchanges, this is bullish for XRP price in the long-term.
XRP active wallet addresses over the past three months
The legendary trader and analyst Peter Brandt shared a potentially constructive long-term chart, analyzing the XRP/USD pair.
This is potentially a constructive long-term chart pic.twitter.com/byqGQOCfvc
— Peter Brandt (@PeterLBrandt) September 15, 2021
The veteran trader Brandt considers that the altcoin’s price chart shows a head-and-shoulders pattern.
FXStreet analysts predict that the altcoin must hold support at $1.06 to avoid a 30% crash; XRP is likely to hit resistance at $1.27 before rallying further.