Investing.com – The collapse of FTX appears to have given the US Securities and Exchange Commission (SEC) confidence that it was right to prosecute for selling unregistered securities. After the debacle around FTX founder Sam Bankman-Fried, interest in the lawsuit has increased dramatically.
Fox Business reporter Charles Gasparino tweeted that the authority felt betrayed by Ripple. Indeed, even after the claim that the sales of XRP consisted of the issuance of unregistered securities was brought up, Ripple did not stop these transactions.
Gasparino added that the foundation staged a similar sale, but that was no reason for the SEC to act. This raises the question of why the SEC is so focused on Ripple, when the FTX disaster caused financial damage to around one million people.
The lawsuit appears to be coming to an end, as both Ripple and the SEC have filed reasoned motions for judgment. In this context, non-parties had the possibility until yesterday to submit requests for information concerning them.
Ripple’s former partner MoneyGram has made use of this possibility in particular. However, other requests have been filed by “third parties”, “investors” and an “investment banker”, who wish to prevent the information they provided from being made public. The two parties to the lawsuit now have until January 9 to oppose these requests.
Meanwhile, the verbal exchange between Craig Wright, the self-proclaimed inventor of , and David Schwartz, Ripple’s CTO, also kicked into high gear.
Wright claims that Ripple is a crypto snowball system and is doomed to die. Schwartz then exhibited an SEC memo showing that banks were implementing Ripple’s ODL technology. He then asked Wright if the SEC was also involved in the fraud. The latter replied that the authority’s hands were tied for lack of financial means, otherwise the case would have already been decided in favor of the authority.
Ripple: technical benchmarks
Ripple is currently losing, at $0.3424 -2.29%, while the weekly loss stands at -1.38%.
The cryptocurrency failed to cross, for another consecutive day, the 20-day MA of $0.3481, which together with the 38.2% Fibo retracement of $0.3462 merges into an increasingly strong area of resistance.
As long as this resistance zone remains intact, expect the support at the 23.6% Fibo retracement of $0.3343 to be tested. This support has already resisted the downward pressure of December 19 and 30. Below that, the focus would be on the $0.3151 low.
Above the mentioned resistance zone, however, the rally should extend towards the 50 percent Fibo retracement of $0.3558. The bulls would then target the 61.8% Fibo retracement of $0.3654.
By Marco Oehrl