© Reuters.
Investing.com – For Brad Garlinghouse CEO, there’s no doubt that the lawsuit against his company by the US Securities and Exchange Commission (SEC) is a farce.
The United States has sued the fintech on the pretext of issuing unregistered securities. In no other of the many countries where this international company offers its services do the authorities see a problem. The latter do not follow the trial with interest, but simply ignore it, as Garlinghouse explained.
Garlinghouse even goes so far as to say that it is in no way for the SEC to comply with the laws in force, but only to demonstrate its power. Given this, we should also not expect her to draw the consequences in the event of a defeat.
So far, the authority has not been able to prove beyond doubt that XRP is a security. Instead, legal maneuvers are used to exclude experts who disagree with the SEC from the lawsuit. In addition, the delivery of important documents is blocked despite a court order.
Brad Garlinghouse hopes that the lawsuit will finally be completed in the first half of 2023. According to the CEO, the costs incurred by Ripple should be around 100 million dollars.
Ripple price technical benchmarks
The currently down -0.92% to a price of 0.4776 dollars, while the weekly loss is -8.06%.
Last Friday, the cryptocurrency briefly broke above the 23.6% Fibo retracement of $0.4994 and the psychological level of $0.5000. However, it failed to reach a daily closing price above this resistance zone.
Today the support at the 38.2 percent Fibo retracement area of $0.4639 has already been tested. If this fails to withstand the downside pressure, expect a test of the October 13 low at $0.4421 and an extension of losses towards the 50 percent Fibo retracement of 0.4352. dollar.
Only if we manage to break above the 23.6% Fibo retracement at the daily close can we extend the rally towards the psychological level of $0.5500. Resistance here is reinforced by the September 23rd high, which sits at $0.5569.
By Marco Oehrl