Legal Clash Between SEC And Ripple. What will be the consequences on altcoin?

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The legal war between the SEC and Ripple continues. The SEC files a lawsuit against the cryptocurrency in question. Ripple’s lawyers attempt to access sensitive information, but without success. This is one of the reasons for the lawsuit between the two parties. The reason is that the information relates to matters relating to central government policy decisions.

“Not equating XRP sales with an offer of securities” this is the main accusation leveled by the SEC against Ripple. In the event of a victory by the SEC, this event, setting a precedent, could compromise the mining and trading of the cryptocurrency in question. Today will be the decisive date to know the outcome of this controversy.

The question and answer between SEC and Ripple continues

Today is an important date for Ripple and the SEC to further advance the dispute. Today we will discuss the privileges that SEC employees have. The latter took sides against the delivery of his documents. In fact, Ripple has requested Securities and Exchange Commission documentation regarding SEC employees’ possession of cryptographic tokens. Attorney Jeremy Hogan comments on the case, explaining the position of the SEC.

According to Hogan, the US security commission is about to admit that the legislation is confusing the application of digital assets, favoring Ripple to some extent. But the lawyer believes that a possible consequence of this lawsuit will occur in 2022.

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After the high of $ 3,317 recorded in January 2018, Ripple begins its descent. The downtrend lasts for over two years, hitting a low at $ 0.114. For several weeks, the cryptocurrency uses $ 0.166 as support. At the end of 2020, Ripple begins to rise again, thanks also to the help of the Reddit community that has bombed the market of buy orders. This caused Ripple’s price to skyrocket enormously. The culmination of this action is reached in early April 2021 with a rise in the cryptocurrency of 112.74%.

The candle of the following week shows a different situation from the previous one. In fact, here those who were already in possession of the cryptocurrency started selling (this can be seen from the very pronounced upper shadow). After hitting a high of $ 1.76 the price drops to $ 0.55, used as a support. Disregarding today’s ruling, seeing a bullish trend hinges on breaking the $ 1.27 level. Another crucial level is located at $ 1.38, representative of the POC on the chart. This level represents, in terms of price, the area where most of the transactions took place.

For a look at all of today’s economic events, check out our economic calendar.

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