- The latest development in the ongoing lawsuit between the SEC and Ripple is for the documents to be classified as secret and blocked from the public.
- Although institutional investors won’t be making big bets on the altcoin in 2021, retail investors are actively trading XRP.
- An experienced trader assumes that the XRP price will continue to rise in the long term.
The Securities and Exchange Commission proceedings against Ripple are drawing to a close. Recent developments in the process have resulted in nearly 13 documents being inaccessible to the public.
The outcome of the SEC proceedings against Ripple could trigger a rally in XRP
The SEC has filed a motion to keep the documents Ripple requested secret from the public.
The XRP Army, proponents and supporters of XRP, have unearthed one of the 13 entries that are considered internal SEC documents in this case.
A draft speech by William Hinman, former SEC director of corporate finance, is included in an email submitted for review and comment by SEC officials.
The anonymous XRP advocate @digitalassetbuy believes Hinman’s speech came from a collection of opinions.
Here it is @ JohnEDeaton1 The Hinman speech is from here. It looks like a whole collection of personal opinions from people. https://t.co/3JPoJ316uw
– Digital Asset Investor Researcher / Wild Speculator (@digitalassetbuy) September 16, 2021
Hinman’s speech is seen as crucial to the outcome of the proceedings, as he stated in June 2018 that ether was not a security. At the time, Hinman argued that he warned Ripple about XRP and advised the company to stop selling.
In contrast, when asked about Hinman’s testimony, Gary Gensler, the current SEC chairman, refused to comment.
With the ongoing investigation against the world’s second-largest cryptocurrency exchange, Coinbase, and the company behind the sixth-largest cryptocurrency, XRP, the XRP Army wonders why the SEC picks winners and losers in the industry.
The dispute stems from Hinman’s 2018 speech and the SEC’s trial against Ripple since December 2020.
Charles Gasparino of Fox Business Network responded to the SEC’s selection of winners and losers on Sept. 15.
BREAKING (1/2): @SEC_Enforcement sources tell @FoxBusiness the logic of the agency’s case against @Ripple is that the company’s infrastructure is still being built, so XRP – the token that was used to fund the thing – is considered a security.
– Charles Gasparino (@CGasparino) September 15, 2021
Crypto-Law.us founder, attorney and XRP advocate John Deaton believes Ripple will win because of its current defense.
That’s why the memo and evidence @digitalassetbuy tweeted below is helping @Ripple’s defense.
It is an LENSIVE standard. Ripple could have bad intentions and still win.
But don’t take my word for it. Here’s Judge Netburn: #xrpwins https://t.co/sTa57B2JRR pic.twitter.com/88e4IWApH0
– John E Deaton (@ JohnEDeaton1) September 17, 2021
With the largest public holder of XRP under investigation by the SEC, institutional investors haven’t made any major investments 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. Despite the recent delisting on several spot exchanges, small traders are using XRP, which has a positive long-term effect on the XRP price.
Active XRP wallet addresses in the last three months
Legendary trader and analyst Peter Brandt shared a potentially constructive long-term chart analyzing the XRP / USD pair.
This is a potentially constructive long term chart pic.twitter.com/byqGQOCfvc
– Peter Brandt (@PeterLBrandt) September 15, 2021
Seasoned trader Brandt believes that the altcoin price chart shows a shoulder, head and shoulders pattern.
FXStreet analysts predict the altcoin will need to hold support at $ 1.06 to avoid a 30% drop; XRP will likely hit resistance at $ 1.27 before moving higher.