Just when Ripple wanted to steer away from the US, the government slammed a $1.3 billion lawsuit that disrupted XRP prices. While the asset made no profits during the recent crypto rally, Ripple has been putting up a battle against the SEC claiming that XRP is a cryptocurrency and not a security.
Even though several regulators across the globe including Japan’s FSA have attested that XRP is not a security, SEC did not seem to give up its stance and continued charging Ripple for the sale of unregistered securities.
A recent court filing revealed that Ripple was all set to battle the SEC. The document revealed that the CEO of Ripple, Brad Garlinghouse alone had four lawyers – Alexander Javad Janghorbani, Lucas Dehaan Hakkenberg, Matthew Solomon as well as Samuel Loewenson Levander – representing him.
Chris Larsen, the co-founder of Ripple was again represented by four other lawyers namely Kristina Anne Bunting, Justin David Ward, Martin Flumenbaum, and Michael E. Gertzman. Ripple Labs was being represented by a group of thirteen lawyers. In total, the firm would have a legal team of over 21 lawyers.
Meanwhile, the SEC will reportedly be represented by just three attorneys – Jorge Gerardo Tenreiro, Richard R. Best along with Dugan William Edward Bliss.
While Ripple is preparing for its big battle, XRP’s position was once again in danger as Polkadot’s [DOT] market cap was at $12.75 billion. XRP wasn’t far off as the third-largest cryptocurrency’s market cap was at $13.32 billion.
XRP price chart reveals bear infestation
XRP lost its spot on several prominent exchanges. However, very few exchanges retained the asset. XRP was trading for $0.291, at the time of writing. A symmetrical triangle pattern was formed in the one-hour price chart of XRP. The low volume of XRP in Bitfinex further affirmed the pattern. The direction of breakout during this pattern is usually uncertain.
Yet, the Awesome Oscillator indicator formed green closing bars. which suggested that bulls were in the XRP market. The Money Flow Index indicator revealed a neutral notion, but it was more inclined towards buyers’ sentiment.