- Angry at the SEC’s confusing guidance over the years, the “XRP Army” is questioning the agency’s credibility.
- Ripple has filed a request to expose the XRP holdings of SEC employees, and the court is giving the agency until September 3 to respond.
- The altcoin price is still constrained by the range above $1.14, and it is likely to rise to $2.
Ripple seeks to disclose crypto holdings to SEC employees in the face of the agency in the midst of a court saga between the two entities.
XRP Army Comes to the Rescue of Ripple in SEC v Ripple Case
The lawsuit brought by the US Securities and Exchange Commission (SEC) against Ripple has attracted the attention of traders in the cryptocurrency community since December 2020. The case is coming to a slow conclusion as the “XRP Army”, a group of investors and traders in XRP, comes to the rescue. Forward to protect their interests.
The Securities and Exchange Commission (SEC) lawsuit alleges that distributing XRP is a “long-standing unregistered security transaction” since 2013, and that XRP itself is a security. The agency states that every market participant who has traded or exchanged XRP in the past eight years should have known that it was a security. This statement was the final straw in the case that ignited the demonstration of the strength of the XRP army.
John Deaton, founder of Crypto-Law.us, is one of the big names in the military on crypto Twitter. Deaton tweeted earlier today:
– John E Deaton (@JohnEDeaton1) August 30, 2021
Updates in legal action against Ripple Labs have indirectly affected the price of XRP since the company developed the altcoin and remains one of the largest holders. This prompted XRP holders to protect their interest and the altcoin price by reacting negatively to the cryptocurrency on Twitter and Youtube.
The XRP Army has shared videos featuring Robert Jackson (former Securities and Exchange Commission) as the then-chairman of the board encouraged the “slow-moving” official decision. The content has reached millions of cryptocurrency traders via Twitter and YouTube as the XRP Army meticulously documents every action in the SEC v Ripple case on social media.
The latest update in the case is the SEC’s request for audio and video recordings of Ripple staff meetings. Although Ripple Labs failed to inform the plaintiff that the meetings were routinely recorded, the agency claims that it learned the same from Antoinette O’Gorman, former chief compliance officer of Ripple on August 4.
The Securities and Exchange Commission (SEC) forced Ripple Labs to produce the recordings, and the latter responded by submitting a request for data on the XRP holdings of SEC employees. The court has given the SEC until September 3, 2021, to respond to Ripple Lab’s proposal.
In the proposal, Ripple Labs stated that its previous efforts to obtain said information from the agency had failed. The defendants noted,
We met and discussed this issue with the Securities and Exchange Commission on July 8, July 15, August 18, and August 25, without progress.
Although Ripple Labs is making strides in its case, the support of the XRP Army has captured the attention of the mainstream media and attracted the interest of XRP traders and investors. Almost every update had some impact on the price of the altcoin.
With the limited range remaining below $1.14, the altcoin is now set to make an upward move with the latest turn of events. FXStreet analysts have predicted that the chances of XRP rising to $2 have increased.