The US Securities Exchange Commission filed a lawsuit against Ripple Labs in December 2020. The SEC alleges that the firm has been involved in the sale of XRP as an unregistered security. The heated legal battle ensued does not appear to be reaching a judgment any time soon with both parties delivering blows after blows.
Ripple Labs to call ex-SEC director
In the most hyped legal battle of the year, Ripple Labs has achieved yet another break with its motion to call the previous director of the SEC Corporate Finance division, William Hinman, to testify. The counsel of Ripple Labs believe that Hinman may have knowledge of the SEC’s policies regarding digital assets which may prove to be crucial for the case. However, the motion may be quashed by the SEC as it has plans to counter it. The SEC has requested a discussion with the presiding judge Sarah Netburn regarding quashing the motion as the commission believes, if granted, the motion will set precedent for the company to dispose of high-ranking government officials.
XRP Technical Analysis
Ripple (XRP) fell brutally as the lawsuit was announced. The cryptocurrency recovered eventually during the bull run of 2021 with updates from the lawsuit proving to be irrelevant to the price movements. Ripple (XRP) is on a strong downtrend since the market crashed. The cryptocurrency currently stands at a price level of $0.67. The price of XRP coin has been increasing in the daily timeframe while the trading volume has also been increasing rapidly.
The market sentiment for Ripple (XRP) continues to be bearish. Out of the total twenty-six technical indicators, fifteen are standing at a sell position with nine neutral indications and only two bullish indicators of buy. The oscillators are mainly neutral while the moving averages suggest a strong downtrend.