Reports confirm that Ripple’s Chief Executive Officer, Brad Garlinghouse, is seeking a vital document from Binance crypto exchange to challenge a lawsuit filed by the United States Securities and Exchange Commission (SEC).
According to reliable sources within Ripple, the legal team behind CEO Garlinghouse has made a filing with the Southern District of New York to seek vital documents from Binance Holdings Limited, a subsidiary of digital assets company based in the Cayman Islands.
Ripple strongly believes that Binance has more substantiated documents “relevant to the case and unobtainable through other means according to governing policies within the exchange.” The document appeals to the court to issue a letter of legal request for the Cayman Islands Central Authority to seek helpful evidence from the digital currency exchange.
Ripple lawyers are challenging SEC lawsuits that claimed the blockchain firm’s CEO sold over 357 million XRP to investors worldwide through digital asset platforms illegally.
In that context, the legal team has filed for the motion to obtain evidence against the SEC claims as stipulated under Section 5 of the Securities Act of 1933, which only applies to domestic sales and offers of securities, in contrast to the agency’s statement of global violation.
Interestingly, the vital document Ripple lawyers seek from Binance may demonstrate tight evidence to refute SEC claims. The legal team is convinced that it would defeat the SEC on this lawsuit, with the legal team maintaining that XRP tokens were sold on various crypto exchange platforms out of the United States jurisdiction.
In the meantime, with Ripple granted the motion to obtain international discovery, a settlement case for Ripple does not appear on the table.
Ripple Weekly Market Health
XRP price continues to consolidate after its latest swing high on August 1, Ripple was rejected by the 200-day Simple Moving Average that acted as stiff resistance before sliding down below the 50% Fibonacci retracement level of $0.719 on August 02.
Later, on August 2, XRP price was exposed to an 8% decline that almost closed to its Fibonacci retracement level at $0.669, further down flip targeted a 50-day SMA at $0.659 which could indicate that buyers are nowhere to be found. But, by August 6, 2021, the XRP price is hovering above $0.73 with more upside momentum likely.
In that context, the cross-border remittance token would discover meaningful support at this level. However, in an instance where further selling pressure materializes, Ripple could fall into the demand barrier, extending from the 78.6% Fibonacci retracement level at 0.598 to $0.659.
It appears that the upside potential for XRP price was initially limited, constrained by the first level of resistance at the 38.2% Fibonacci retracement level at $0.768. The second obstacle for Ripple is its 200-day SMA at $0.783, which has trapped the token under this technical level with minimum bullish momentum.
Should XRP price manage to break the two aforementioned resistance levels, Ripple could record the highest levels for over a month. Target the 27.2 % Fibonacci retracement level at $0.815 next.
On August 06, XRP price is hovering at $0.731 at the time of publication having soared 3.2% over the past 24 hours.