The Security & Exchange Commission fight over the XRP tokens has turned to Ripple legal memos from 2012. Recently, the court unsealed a slew of documents in the SEC suit against the company.The regulators argue that XRP is a security, but Ripple vehemently disagrees.
In the SEC’s motion, the regulator says,
“The speech – itself and the many drafts and comments by SEC staff across different SEC divisions and offices deliberating the agency’s approach to the regulation of digital assets – show that Director Hinman and other SEC staff used the speech to provide public guidance as to how [Hinman’s division] would apply the federal securities laws to offers and sales of digital assets including Ether.
Indeed, SEC regulations provide that Director Hinman’s public statements could be relied upon as representing the views of Corp Fin, the division he led.”
“In litigation, you have to have your strategy, your theory of the case or the theory of the issue that you are arguing, and you have to stick with it. In a DUI (driving under influence) defense case for example, your legal position may be that your guy had been drinking, but was not impaired. If that is your position, you get your client straight on it, and you do not waiver. If he gets up on the stand, and says ‘Well, now that I think about it, I don’t think I drank that night,’ you are screwed.
The XRP/USD – Daily Chart
A break above the $0.90 high will propel the altcoin above the $1.00 overhead resistance. XRP will be out of downward correction. Nonetheless, buyers have failed to break the recent high but have defended the $0.75 support. Over the week, the bears found it difficult to break the current support. Meanwhile, on February 8 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that XRP will rise to level 2.0 Fibonacci extension or $1.23. From the price action, XRP is confined in between the moving averages.
