- The latest development in the ongoing SEC vs. Ripple lawsuit is that documents are classified as privileged and blocked for public viewing.
- Though institutional investors are yet to take big bets on the altcoin in 2021, retail investors are actively trading in XRP.
- One veteran trader expects XRP price to climb higher in the long-term.
Since XRPArmy and lawyers in the crypto ecosystem consider the US Securities & and Exchange Commission’s (SEC) move to pull documents out of public view as evidence that the case is coming to a close, a Ripple win appears more likely.
Outcome of SEC v. Ripple case may trigger a rally in XRP
The SEC has filed a motion to protect documents requested by Ripple from public viewing.
The XRPArmy, 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.
Pseudonymous XRP proponent @digitalassetbuy believes that Hinman’s speech came from a collection of people’s opinions.
Hinman’s speech is considered critical to the outcome of the case since he delivered a speech declaring that Ether is not a security in June of 2018. Back then, Hinman argued that he had warned Ripple about XRP and advised the company to halt its sales.
On the contrary, Gary Gensler, the current SEC Chair, refused to comment on Hinman’s speech.
With the ongoing investigation of the world’s second-largest cryptocurrency exchange, Coinbase, and the firm behind the sixth-largest cryptocurrency, XRP, the XRPArmy asks why the SEC is picking winners and losers in the industry.
The argument dates back to Hinman’s 2018 speech.
Charles Gasparino of Fox Business Network shared the SEC’s response on September 15.
BREAKING (1/2): @SEC_Enforcement sources tell @FoxBusiness the logic of the agency’s case v @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
— Charles Gasparino (@CGasparino) September 15, 2021
The founder of Crypto-Law.us, lawyer and XRP proponent John Deaton believes Ripple will win based on its current defense.
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.
XRP active wallet addresses over the past three months
The legendary trader and analyst Peter Brandt shared a potentially constructive long-term chart, analyzing the XRP/USD pair.
The veteran trader Brandt considers that the altcoin’s price chart shows a head-and-shoulders pattern.
FXStreet analysts predict that the altcoin must hold support at $1.06 to avoid a 30% crash; XRP is likely to hit resistance at $1.27 before rallying further.