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Ripple Seeks XRP Transfer Data on Overseas Exchanges
Vishal Chawla
3 hours ago
Ripple's executives are seeking data on XRP transactions made on foreign exchanges to prove that most tokens were sold to non-U.S. citizens. It's the latest twist in the ongoing legal battle with the Securities and Exchange Commission.

Key Takeaways
Ripple's executives have filed a new motion requesting the Court to issue Letters of Request to foreign authorities.
The letters would be sent with the aim of collecting data on Ripple's XRP sales on 15 non-U.S. exchanges.
Ripple has submitted the motion in hopes of proving that its XRP sales were made outside the scope of the Securities Act of 1933.

The legal team representing Ripple executives has filed a motion aiming to collect in-depth data on XRP sales conducted on foreign crypto exchanges. This is the firm’s latest move in the discovery process of the ongoing lawsuit.

Ripple Seeks Exchange Data for Defense
Ripple is hoping to use data of XRP sales on overseas crypto exchanges for its defense case against the Securities and Exchange Commission.

In the ongoing legal battle, Ripple is accused of selling XRP as unregistered securities. However, the company’s executives have claimed that the sales did not break U.S. law. They’re now hoping to prove their case by gathering new information from exchanges.

In a notice submitted Wednesday, co-defendants in the ongoing lawsuit Ripple executive chairman Chris Larsen and CEO Brad Garlinghouse have confirmed they are seeking data from 15 cryptocurrency exchanges where they made XRP transactions dating back to 2013.

The defendants requested the Court to issue Letters of Request under the Hague Convention to authorities in the Cayman Islands, Hong Kong, South Korea, the U.K., Singapore, Seychelles, and Malta. The request asks for information about the defendants’ XRP transactions, including how much XRP was bought and sold, IP addresses, and trading policy. The defendants claimed they were unable to source this data independently, and therefore needed the court’s help.

If approved by the judge, the letters of request will be issued to foreign regulators who will forward them to cryptocurrency exchanges where the defendants made transactions in XRP. The exchanges include AscendEx (formerly Bitmax), Bitfinex, Bitforex, Bithumb, Bitlish, Bitrue, Bitstamp, Coinbene, Coinone, HitBTC, Huobi Global, Korbit, OKEx, Upbit, and ZB Network.

With the request, Ripple hopes to be able to prove that the majority of XRP was sold on foreign exchanges that lie outside the scope of Section 5 of the Securities Act of 1933, the same regulation the SEC alleges that Ripple and its executives violated.

In the lawsuit filed in Dec. 2020, the SEC alleged that the defendants collectively sold more than $1.3 billion worth of unregistered securities in the form of XRP to investors across various global trading platforms.

The information it is seeking with letters of request would show that most of the defendants’ XRP sales were not domestic, and therefore not under the jurisdiction of U.S. regulations, their lawyers said. They argue that the U.S. Supreme has already ruled in a prior 2010 case involving Morrison and National Australia Bank that the Securities Act of 1933 is only applicable to domestic sales and offers of securities. The motion stated:

“The discovery that the individual defendants seek will be relevant to demonstrating that the offers and sales that the SEC challenges did not occur in this country and are not subject to the law that the SEC has invoked in this case.”

The legal team added in the motion that documents would provide important evidence on whether the SEC’s jurisdiction extends to the sales of XRP on a particular exchange.

Notable cryptocurrency lawyer Jeremy Hogan agreed with the same argument on Twitter. “The issue is the SEC’s jurisdiction over sales to non-U.S. nationals,” he said. “If no jurisdiction, the SEC can’t do anything about them.”

The Discovery Process Continues
With the latest motion filed by Ripple, the discovery process in the lawsuit has taken a new turn.

So far, Ripple’s defense had been focused on fair notice. It argued that the firm should have been notified before the SEC decided to file a lawsuit. In response, the SEC attacked the defense by claiming there was no need for fair notice. To refute the defense, the agency requested the court to allow access to the legal advice Ripple received over XRP sales in the past. The case’s judge dismissed the request.

However, now the defense may have moved to question whether the SEC’s allegations hold any legal ground on the basis that XRP sales have largely happened outside the U.S.

In regards to foreign discovery, the SEC has gathered data on XRP sales with foreign entities, including exchanges and Ripple’s business partners. However, in that instance, the objective was to check if XRP transactions from defendants affected the price of the asset on foreign exchanges.

It’s currently unclear whether Ripple will be allowed access to the exchange data for its defense, but it could be a huge win for them if the request is approved.

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Ripple’s XRP
Ripple’s XRP slid by 7.09% on Friday. Reversing a 2.06% gain from Thursday. Ripple’s XRP ended the day at $0.96904.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $1.04382 before hitting reverse.

Falling short of the first major resistance level at $1.0793, Ripple’s XRP slid to a late morning intraday low $0.91692.

The sell-off saw Ripple’s XRP fall through the first major support level at $1.0095 and the second major support level at $0.9738.

Steering clear of the third major support level at $0.9040, Ripple’s XRP revisited $0.98 before a bearish end to the day.

Ripple’s XRP briefly broke back through the second major support level at $0.9738 before ending the day at sub-$0.97 levels.

At the time of writing, Ripple’s XRP was up by 0.86% to $0.97742. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.96370 before rising to a high $0.97742.

Ripple’s XRP left the major support and resistance levels untested early on.




For the day ahead
Ripple’s XRP will need to avoid a fall back through the $0.9766 pivot to bring the first major resistance level at $1.0363 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $1.00 levels.

Barring an extended crypto rally, the first major resistance level and Friday’s high $1.04382 would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $1.15. The second major resistance level sits at $1.1035.

A fall back through the $0.9766 pivot would bring the first major support level at $0.9094 into play.

Barring another extended sell-off, however, Ripple’s XRP should steer clear of the 62% FIB of $0.8573. The second major support level sits at $0.8497.

A sustained fall through the 62% FIB of $0.8573 would form a near-term bearish trend from 14th April’s swing hi $1.96598.

Looking at the Technical Indicators
First Major Support Level: $0.9094

Pivot Level: $0.9766

First Major resistance Level: $1.0363

23.6% FIB Retracement Level: $1.5426

38.2% FIB Retracement Level: $1.2807

62% FIB Retracement Level: $0.8573

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XRP Price Prediction – Will this Token BOOM Back to 2$?
 Posted On June 6, 2021 2:59 pm Rudy Fares
Trade Bitcoin now

It is no secret that Ripple company is still battling its lawsuit with the SEC. When good news surfaced about how this company had an edge in the battle, XRP prices skyrocketed. This made many investors jump back on board and invest in this cryptocurrency. On the other hand, the crypto market witnessed a big price adjustment across all cryptocurrencies, and XRP took a big hit as well. Today, XRP prices seem to stabilize and look like things are back on track. In this article, we’ll lay out an XRP Price Prediction that shows why currently, XRP is on a healthy uptrend.

XRP Price – The Story so Far
Ripple company gets ahead in the Lawsuit
Back in April 2021, news surfaced that Ripple company managed to get ahold of important information regarding the lawsuit. This put them in a stronger position to battle the SEC, as they now know more about their weak points. After an extended consolidation below USD 0.60, and while other cryptos were skyrocketing, the XRP token finally started to Boom. In fact, XRP was always a lagger in the crypto sphere, as even back in 2017, XRP took a while before “awakening” from its USD 0.20 consolidation.

XRP Crashed with the Crypto Market
When Vitalik started dumping his Dog Token, and Elon Musk disowned Bitcoins, chaos got spread in the crypto market. The XRP token got its share of this damage and its price crashed back to its previous strong support area. Prices fell from a high of USD 1.6 all the way to USD 0.70, or a crash of 56% in prices. In fact, most cryptos lost around the same percentage in their valuations.

XRP/USD 4-hours chart showing XRP's latest crash

XRP Price Prediction – is XRP BACK on Track?
Following the latest crash, XRP’s current price rebounded from its strong support area of USD 0.88 towards USD 0.93. Its current market capitalization is around USD 43 Billion and is currently ranked #7 as the biggest crypto by market capitalization. Despite the recent crash, XRP’s technical price action shows a light but steady uptrend. This bounce comes after reaching a low price of USD 0.70. The short-term target of XRP should be the psychological price of 1$ which is highly anticipated among XRP investors. If the crypto market continues on its steady uptrend, XRP should easily break upwards and pierce through the 1$ area. If this happens, positivity in the market should skyrocket prices even higher, as usually strong volumes occur after such price increases.

XRP/USD 2-hours chart showing a steady increase for XRP Fig.3 XRP/USD 2-hours chart showing a steady increase for XRP – TradingView

XRP/USD 2-hours chart showing a steady increase for XRP 


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Ripple: Delaying SEC lawsuit would pose ‘existential threat’ to XRP
By Michelle LimJune 10, 20212 minute read

Ripple Labs has asked a U.S. district court judge to deny the U.S. Securities and Exchange Commission’s request for a 60-day extension to the discovery schedule, citing an “existential threat” to the company’s business in the country, according to a legal filing.

Many U.S.-based cryptocurrency exchanges delisted or suspended XRP trading following the SEC’s lawsuit, affecting the liquidity of XRP — which is used as a bridge currency for cross-border payments.
“Today, XRP is essentially illiquid in the United States, practically eliminating the possibility of [On-Demand Liquidity] transfers into or out of the United States. XRP’s liquidity has also been hampered in other jurisdictions, damaging Ripple’s ability to develop and market ODL worldwide,” wrote Ripple’s defense attorneys in a June 8 letter to U.S. District Court Judge Analisa Torres. “Every additional day this suit is pending is a day in which the XRP markets remain improperly frozen in the United States and Ripple’s business is unfairly hampered.”
“An extension of the discovery schedule in this case would cause tremendous prejudice to Ripple. In addition, the SEC has not met its burden of showing that there is good cause to extend the schedule: the examples of ongoing discovery issues that it cites are largely attributable to its own unexplained delays in serving document requests, and it does not and cannot argue that it will not be possible to complete discovery on the existing schedule despite reasonable diligence,” Ripple’s attorneys wrote.
Earlier, the SEC — which filed its lawsuit against Ripple and its top two executives in December 2020 — asked for a 60-day extension of the deadlines for discovery, the process by which opposing parties to a lawsuit seek or try to block information from each other. If approved, the extension would end fact and expert discovery on Aug. 31 and Oct. 15 respectively. A decision has yet to be made on the SEC’s request.
Separately, the SEC rebutted Ripple’s assertion that the SEC did not provide fair notice that XRP would be considered a security. The SEC has argued that both Ripple and the public were already put on notice, given the agency’s more than 70 enforcement actions against other crypto companies prior to suing Ripple. But Ripple has asked the court to dismiss the SEC’s use of the data, saying the SEC’s past enforcement actions either did not involve digital assets companies or were related initial coin offerings (ICOs) — both of which do not apply to Ripple.
In its letter to Judge Analisa Torres, the SEC disagreed with Ripple, writing: “Howey and its progeny’s ‘flexible rather than … static principle,’… would be nullified by a ruling that a fair notice defense can defeat any claim involving an investment product that is not identical to one previously deemed a security. The Court should reject the invitation to issue such a ruling.”

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