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As ripple The vs. SEC litigation is dragging on and has an interesting twist. The SEC has finally complied with a court order to produce internal documents that Ripple (XRP/USD) has challenged. According to CEO Brad Garlinghouse’s comments, the document could prove to be an important win for Ripple.
Ideally, the aforementioned documents relate to an internal email and an early draft of a speech by former SEC employee William Hinman. Those are comments dating back to 2018, when Hinman argued that Bitcoin and Ethereum could not be classified as securities.
Ripple is now attacking regulators with double standards. According to Ripple General Counsel Stuart Alderoty, the SEC is picking winners and losers in classifying digital assets. Of course, Ripple was targeted by the SEC based on their claim that XRP should be classified as a security.
Garlinghouse called the SEC’s conduct shameful and condemned the SEC. According to his CEO of Ripple, the SEC doesn’t care about disclosure or transparency. He refers to Hinman’s documents and points out that it would be shocking if the truth came out.
Hinman’s documents add to the optimism that Ripple will beat regulators for XRP’s classification. However, XRP has yet to react, losing 4.30% during the day. Technical indicators are bearish.
Source TradingView
On the technical side, XRP is under pressure with minor support at $0.44. A bearish MACD crossover has recently started and the bears have circled the token.
It was previously holding the $0.44 levels, but more bearish pressure could force a breakout. The next potential zone for XRP is $0.37.
XRP is buy At current levels despite positive developments. The bullish momentum seems to have hit a speed bump, with the bears taking the lead.
Potentially, the news isn’t exciting enough for the bulls who are eyeing the outcome of this event. Investors should aim to buy XRP cheaply.
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