New Process in SEC and Ripple Case
There are new developments in the long litigation process between the SEC and Ripple, which has been going on for two years. In the most recent court filing, Ripple Labs and two top executives asked the court to issue a summary ruling in their favor, alleging that the SEC failed to prove its case against them as required by law. Following this request, the SEC requested additional time from the court pending the submission of the abstracts. But Ripple said that this proposal by the SEC is another attempt to further delay the resolution of the case, and the court should reject it. Ripple officials submitted their petitions to the Southern District of New York court, where the case was heard, and demanded that the case be decided now, stating that they had no defense other than the evidence they had presented so far.
On the SEC side, the SEC filed a petition in court, stating that the sale of XRP by Ripple classifies the cryptocurrency as an investment vehicle and has committed a securities breach under the U.S. Securities law. While the possibility of the SEC choosing to settle the case was among the options, the court requested the SEC to file its objection against the motion by October 18. This summary decision request submitted by the parties is seen by many as the most important development of the case and it is thought that the case will end soon.
Brad Garlinghouse Makes a Statement
After these developments, Ripple CEO Brad Garlinghouse shared a tweet criticizing the SEC. Garlinghouse tweeted that the SEC is not interested in enforcing the law: “They want to redo everything in an impromptu effort to expand their powers far beyond what Congress has given them.” used his statements.
Why Is XRP Price Rising?
The XRP price has managed to attract all the attention by recording an increase of 9.1% in the last 24 hours. So what is behind the rise of XRP, which gained the most value in the market within 24 hours? According to cryptocurrency data source Coinecko, over 451 million XRP tokens have been moved to multiple unknown wallets in the past 24 hours. A total of 173 million dollars worth of purchases were made. However, the recent increase has also led to an increased interest in the token. Apart from that, Ripple Labs’ request for the case to be dismissed can also be shown among the reasons for the rise.
XRP Price Analysis
When we take a look at XRP, we see that it has made an initial increase of 7% according to the last 24-hour data and is the crypto money that has experienced the highest increase. XRP, which continues its price activity at the level of 40 cents, if it continues to rise, the first resistance point it will face is at the level of 42 cents. If it exceeds the resistance of 42 cents, the resistance points it will encounter are 46 cents and 50 cents, respectively. In case of a possible decline, the first support point to be against XRP is at 36 cents, while other support points are at 32 cents and 28 cents.
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