Ripple is ridden under the clutches of its legal feud against the U.S Securities and Exchange Commission. Which has asserted significant harm to the platform and to XRP holders. The recent hearing has given significant inputs on the prevailing case.
A popular lawyer has taken it to a public platform, giving out several insights from the hearing. Ripple defendants have filed their opposition to the request of the SEC. Asking for a telephone conference in order to seek a protective order relieving the SEC of any obligation in responding to the Requests for Admission (RFA).
Ripple defendants state that the RFA’s concern critical facts that defendants believe are not genuinely disputed. Meanwhile, the SEC claims 1700 contracts to be part of an ongoing securities offering. But complains it to be a burden for them to read and respond to each contract.
Judge Netburn orders the SEC to submit the documents and the letter justifying their proposal, not later than October 15th. The Ripple defendants, on the other hand, have to reply to the SEC letter by the 22nd of October.
The Tug of War Between Buyers and Sellers!
XRP price is trading at $1.07, while the market cap hovers above $50 billion. The trading volume for the past 24-hours is at $3,191,064,868 at press time. Going by the chart, a cup and handle formation is visible. Meanwhile, the prices are trying to break through the resistance, although nothing notable is seen.
Consequently, there seems to be a tug of war between buyers and sellers for the past 4-days. With sellers having an upper edge over buyers. The buying and the selling pressure appear to be considered equal as hence the price also remains still. The trading volume is also low, and moreover, the bears seem to be strong could be worrisome. However, the bulls look all charged up since the early trading hours, and are attempting very hard to uplift the price.
Summing up, XRP price is moving along the narrow range for a brief period of time now. With hardly any upswings on the chart. Hopefully, the digital coin will witness a leg-up, with its positioning in the legal hurdle. Court had earlier given John E Deaton the power to brief questions of law on behalf of the individual movements. This has been a huge plus for the XRP community, as the interests of the XRP community and the individual movements are streamlined.