SEC Faces Allegations About Scamming Ripple – XRP Trades over $1.20
New York, USA – The US SEC or the United States Securities and Exchange Commission faces allegations that the agency is trying to scam Ripple. On the other, XRP continues to do well despite the ongoing case.
The US SEC filed a case against Ripple last year, 2020, stating that XRP has been selling cryptocurrencies that are not under securities. The tension of this case continues as Ripple exchanged some views with the US SEC, which the court also considers.
The case is still not over, and it has been dragging for a long because of motions filed and evidence that lack effect in the court. The current state of the case is that Judges provided both parties 60 days more for fact discovery. The deadline set by the Judge also includes conducting a legal fact discovery. The ruling moved the duration to August 31, 2021. Aside from the set deadline for fact discovery, the Judge, Sarah Netburn, also set a deadline for expert discovery action on October 15, 2021.
Ripple fought back with the allegations of the US SEC, and it will continue to fight back to prove that all allegations are wrong. The company even filed a FOIA request to get information regarding the commission concerning Ethereum (ETH) and Bitcoin (BTC). As per the blockchain company, it emphasized that XRP is a native token.
On another note, SEC faced allegations about this agency scamming XRP. Traders are starting to think about whether the allegation is real or not.
Moving over to the performance of XRP, it displays an ascending performance. Now, XRP trades over $1.20, an uptrend position within the ALMA or Arnaud Legoux Moving Averages. Since the beginning of the year, its growth rate was 700%. If the trend continues to go up, it might hit the $2.083 resistance level. It might also reach $4.715 if the trend continues to perform well. Otherwise, the price might drop to $0.9.