XRP - Buy again at 35c
Our updated chart after today's rise. As we had posted yesterday the rise was expected
but a strong resistance at 52 cents has pulled the price back to 40cents and probably will go lower before testing support at 35 cents.
NEWS:
In a Friday filing, Ripple pushed back against the SEC’s allegations, which claim that the firm violated U.S. securities laws for over seven years by selling $1.3 billion worth of XRP tokens.
“The functionality and liquidity of XRP are wholly incompatible with securities regulation. To require XRP’s registration as a security is to impair its main utility,” the response said.
In a 93-page filing, Ripple responded to each of the SEC’s paragraphs. In its affirmative defenses, Ripple stated that XRP is not a security or investment contract, and the firm’s sales or distributions of XRP are likewise not investment contracts.
“The Complaint mischaracterizes advice that Ripple received in 2012, from which a reasonable reader actually would have concluded that Ripple Credits (a past name for XRP) were not a security,” the filing adds a few paragraphs down.
Ripple is also claiming that the SEC did not provide fair notice that its sales of XRP might be violating the law.
In addition to filing its response, Ripple filed a Freedom of Information Act request for documents from the SEC on how it determined that bitcoin and ether, the top two cryptocurrencies by market capitalization, are not securities.
reference: coindesk.com/ripple-responds-to-sec-lawsuit-over-xrp-sales
NEWS:
In a Friday filing, Ripple pushed back against the SEC’s allegations, which claim that the firm violated U.S. securities laws for over seven years by selling $1.3 billion worth of XRP tokens.
“The functionality and liquidity of XRP are wholly incompatible with securities regulation. To require XRP’s registration as a security is to impair its main utility,” the response said.
In a 93-page filing, Ripple responded to each of the SEC’s paragraphs. In its affirmative defenses, Ripple stated that XRP is not a security or investment contract, and the firm’s sales or distributions of XRP are likewise not investment contracts.
“The Complaint mischaracterizes advice that Ripple received in 2012, from which a reasonable reader actually would have concluded that Ripple Credits (a past name for XRP) were not a security,” the filing adds a few paragraphs down.
Ripple is also claiming that the SEC did not provide fair notice that its sales of XRP might be violating the law.
In addition to filing its response, Ripple filed a Freedom of Information Act request for documents from the SEC on how it determined that bitcoin and ether, the top two cryptocurrencies by market capitalization, are not securities.
reference: coindesk.com/ripple-responds-to-sec-lawsuit-over-xrp-sales
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