© Reuters.
Investing.com – Monday is likely to be an exciting day in the US Securities Commission’s (SEC) lawsuit against . CryptoLaw founder John E. Deaton even talks about a big “revelation day” on October 24th.
As part of the SEC’s fast-track request, up to 440 sealed exhibits will be opened that day. According to Deaton, some of them can be several hundred pages long. Both sides still have until Monday to object to the exhibits.
For the public and XRP, however, the legal process should be less spectacular, as it can be expected that the most important passages of the pleadings will be redacted. It’s up to the court to decide what will ultimately be disclosed to the public, as Deaton explained:
“The public will only see limited and redacted versions of the objections. It won’t be until late December or January that fuller information will become available on statements, counter-statements, exhibits, testimony, etc.”
Meanwhile, an SEC meeting will be held today behind closed doors. The agenda includes items such as “the filing and resolution of injunctions, the filing and resolution of administrative proceedings, the resolution of disputes and other concerns related to audits and application”.
Technical benchmarks to watch on Ripple
Ripple is up 1.95% with a price of $0.4640, while the weekly loss is -1.91%.
Yesterday, the day’s closing price broke below the 38.2 percent Fibo retracement of $0.4639. This opened the door for a test of the October 13th low at $0.4421. This support is reinforced by the 50 percent Fibo retracement, which is found at $0.4352.
The cryptocurrency, however, is already testing the resistance of the 38.2% Fibo retracement and if it manages to achieve a daily close price above this level, the chances of a short-term recovery increase. The next resistance is found with the 20-day MA at $0.4834, followed by the 23.6% Fibo retracement at $0.4994.
By Marco Oehrl