What's up, guys? I hope you are having a fantastic week so far. This has been such an eventful week in the crypto world. I will keep you up to speed with everything that has been happening shortly. After XRP took a massive dump, we are starting to gain momentum again, and we are slightly in the green zone. We can't quite tell how the market will move, but one thing's for sure, there has been a lot of bullish news that's likely to push the price of XRP even further. With that said Ripple has been experiencing small wins in the SEC lawsuit over the last month. However, XRP holders are still waiting for the final verdict on this lawsuit. A lot has been happening, but XRP proponents are continually that light at the end of the tunnel for the XRP family. That said, in today's article, we will discuss some of the statements XRP proponents and experts made about this case and what we can possibly expect in the coming days. Most people so far think Ripple will indeed win the lawsuit. Stay tuned to the end to find out why they feel that way.
As we can see from this tweet by @digitalassetbuy, a strong XRP proponent, he believes that Hinman's speech came from a collection of people's opinions. 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. At this point, the outcome of the SEC v. Ripple case may trigger a rally in XRP. Or what do you all think? Let me know in the comments section below. As we said in our previous video, 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. Hinman's speech is considered critical to the case's outcome since he declared that Ether was not a security in June 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. As we can see from his tweet, he says, "BREAKING; SEC Enforcement sources tell Fox Business the logic of the agency's case vs. 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 totally built out and has been for years; thus, it's clearly a commodity. Hester Peirce argues that all may be the case, but as SECGov splits hairs, crypto innovation is being stifled, so what's needed is a "Safe Harbor" that pulls back all this enforcement action. Developing." Further, John Deaton, an XRP proponent, and lawyer, believes that Ripple will win this case against the SEC based on its current defense. As we can see from this tweet, @John E Deaton says, "This is why the memo and evidence tweeted out below by @digitalassetbuy helps Ripple's Fair Notice Defense. It's an OBJECTIVE standard. Ripple could have bad intent and still win.
But don't take my word for it. Here is Judge Netburn: 👇" He further shares this document that has Judge Netburn's statements. 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. The legendary trader and analyst Peter Brandt shared a potentially constructive long-term chart, analyzing the XRP/USD pair. Moving forward, we have yet another exciting tweet; We have this tweet from @digitalassetbuy that says, "The heavily-redacted notes show ConsenSys meeting with the SEC on June 8, 2018. 6 days before Bill Hinman gives his Ethereum free pass speech. The parts you can see are unbelievable. Imagine what's blacked out." Now, this is something we are seeing with the SEC very often, which just makes me wonder… what's the point of submitting notes as evidence with the salient points blocked out? It just doesn't add up. How is this case supposed to be pushed ahead if the SEC keeps on producing documents that have been blocked out? Clearly, there is a lot they are hiding from the public, which to some extent feels like the whole point is to frustrate Ripple in this entire agenda.
If we look at this tweet, @Ianbins shared an article posted on Financefeeds.com that talks about how the SEC trashes Ripple's XRP status defense and reiterates privilege. As we can see from that piece, "The latest development in the XRP lawsuit saw Ripple file a reply to SEC's opposition regarding the defendant's Motion to Compel interrogatory responses to identify SEC's Howey Test application theory. Ripple argues that the SEC opposition constitutes evasive responses and refusal to comply with basic obligations imposed on all parties under Rule Ripple highlighted that contention interrogatories are "designed to assist parties in narrowing and clarifying the disputed issues' in advance of summary; judgment practice or trial." Furthermore, the defense claimed that the interrogatories put forward by them will prove that mentioned issues do not hold a genuine dispute as objected by the SEC." As we can see from this tweet by @Filanlaw, "Ripple and Chris Larsen file their reply to the SEC's response to Ripple's and Larsen's Motion to Compel Interrogatory Responses regarding the application of the Howey Test to sales of XRP over the last 8 years. 7 pages in 2 tweets." In that, Ripple argues SEC answers are non-responsive. The SEC content its non-responsive replies by mentioning the Court's Phillies decision that points out a party "need not catalog every fact or piece of evidence" in support of a stated contention. However, the defense argues against SEC's use of Phillie's verdict, asserting that the plaintiff's responses were not discredited for not being precise.
In fact, the defendants argued that the SEC answers were inadequate because they entirely failed to provide substantive responses to the questions Defendants asked. Furthermore, these non-responsive answers are regarded as inconsistent with Rule 33's purpose of narrowing issues for summary judgment and trial. "The SEC must, like any ordinary litigant, respond to the interrogatories that the Defendants served… Rule 33 requires the SEC to provide complete responses to the interrogatories, specific as possible and non-evasive…even when (and precisely because) those responses reveal fatal weaknesses in its case.", stated Ripple. Now, to wind up today's video, we have this tweet from @Ripple that says, "In 2 years, the on-demand work industry will be a $445 billion market. But today, getting paid is still a challenge for freelancers because of legacy payment systems. By partnering with Paydek, we'll help workers in LATAM and Africa get paid in real-time." As you all can see from Ripple's recent blog post, it states that freelance and on-demand workers in African and Latin American countries can now enjoy sending and receiving real-time payments via Paydek, thanks to RippleNet. In case you didn't know, Paydek is based in the U.K. It helps manage and improve payments for both businesses and individual customers. The company has joined RippleNet and is now using this network's opportunities to solve issues its corporate and self-employed freelance customers face in the on-demand market which is expected to swell to $455 billion within the next two years. Initially, Paydek collaborated with Ripple in Africa. But now, after partnering with Localpayment, it has expanded to Latin America as well, using RippleNet. Using the opportunities provided by Ripple, the company plans to create additional payment rails in these regions, as well as new infrastructure for fast, cheap, and secure payments, according to Paydek's managing director Terry Hopkinson.
Ripple's Sendi Young stated that this partnership would help Ripple expand its presence in Latin America and Africa and allow innovative solutions to be implemented in digital remittances. In Africa, Paydek will now support the following local currencies: GHS, ZAR, XOF, SLL, and others—nine in total. As for Latin America, the following fiat currencies will be supported: MXN, UYU, ARS, and CLP. Now, it’s time to check the charts. XRP holders went on the offense, proving once more the level of organization displayed by this community. According to a Class Action Complaint filed on September 16th, 2021, several XRP investors accused tech giant Apple of allowing bad actors to steal their assets and information. The action was filed by Hadona Diep, a cyber security IT professional, on behalf of other XRP holders in a similar situation in a federal court in the state of Maryland. Technically, the price of Ripple is still in the range created by the resistance and support area marked on the chart. Although we give a higher probability for a breakout to the upside for this crypto, a retest of the support area before the upside is something that has a good chance of happening. Trade according to the trend. These are the targets where you are looking for taking profits. Leverage is risky, so I suggest spot trading or a maximum of 5x leverage.We advise caution. As always trade safely guys! Please keep in mind,
I am not a licensed financial advisor.
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