Reflexes
- XRP price has surged above the $0.45 level.
- Ripple Labs suffered a defection in its legal team in the SEC case.
- Coinbase also continues to fight the SEC.
He XRP the price has recovered after falling 3% in the last 24 hours below the threshold of $0.45. The bulls have just returned, driving the XRP price by 2% and sending it back above the $0.45 level. Meanwhile, the broader cryptocurrency market has succumbed to selling pressure once again.
The $0.50 level has eluded the XRP price since April 19. Trading volume is the highest in about five days with over $1 billion worth of XRP changing hands. Much of the trading is taking place on Binance and Bithumb in the XRP/USDT and XRP/KRW pairs, respectively.
The XRP army is not overly concerned about any short-term movement in price. Matthew Dixon, CEO of cryptocurrency ratings platform Evai, appears to have predicted the latest price movement. in a tweetDixon stated that cryptocurrency No. 6 was โfollowing our projected path to the letter.โ
He further explained: โCompleting wave X up, then Y down, there should be a great risk-reward ratio on offer,โ saying it is an โexciting time to be in cryptoโ and urging investors not to miss out. ship. .
Defection from the legal team
In a document dated May 23, Ripple Labs attorney Kylie Chiseul Kim of the firm Kellogg Hansen withdrew as defense counsel in the SEC lawsuit, as brought to light by attorney James Filan. According to updates on social media, the reason for her departure is that she is leaving the law firm where she has been employed. The rest of Ripple's legal team will remain intact.
Coinbase update
Meanwhile, as XRP and Coinbase apparently remain at odds with each other, both are embroiled in legal battles with the US securities regulator. Most recently, Coinbase has presented a mandamus, which the exchange's legal officer described as "the tailor-made remedy for the extraordinary facts presented here."
Last night, Coinbase responded in the Third Circuit to the SEC's arguments against our injunction petition. Mandamus is the tailor-made remedy for the extraordinary facts presented here. We continue to appreciate the consideration of the Court. https://t.co/OD02kX3524
โ paulgrewal.eth (@iampaulgrewal) May 23, 2023
Coinbase continues to offend the regulator. His latest move is in response to the SEC allegedly brushing him off after filing a petition for a clear regulatory framework by which the cryptocurrency industry can operate.
