© Reuters.
Investing.com – The lawsuit filed by the US Securities and Exchange Commission (SEC) against appears to have definitely entered its final stage, CEO Brad Garlinghouse announced.
Both parties filed their requests for expedited proceedings explaining why the court should rule in favor of the plaintiff each time.
According to Ripple, the SEC failed to clearly demonstrate that XRP was a security. Instead, the authority used every opportunity available to it to interpret the law as it deemed necessary.
The supervisory authority, however, believes that it is not sufficient, from a legal point of view, for Ripple to invoke due process. The fact that the company sold XRP in the US territory is proven, which is enough to prove that it broke securities law.
According to Garlinghouse, all cards are now on the table and a court decision is expected within the next three to six months. He pursues :
“I said on day one, we’re going to fight hard to get clear rules for the whole industry in the US. Congratulations to the entire Ripple team for getting us to this point. Because Ripple held on and withstood pressure from the SEC. I think it’s great to be on the right side of justice.”
Ripple technical benchmarks
Ripple is currently rising to one at $0.3932, up 4.79%, while the weekly gain stands at 1.40%.
The cryptocurrency is currently testing the resistance of the 38.2% Fibo retracement of $0.3926. In the event of a daily close above this level, further gains towards the 50 percent Fibo retracement of $0.4149 are possible. This resistance is reinforced by the 55-day MA, which sits at $0.4129.
On the other hand, the 23.6% Fibo retracement at $0.3649 offers immediate support.
By Marco Oehrl