{"id":188145,"date":"2021-04-23T23:00:31","date_gmt":"2021-04-23T22:00:31","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=188145"},"modified":"2021-04-23T17:53:53","modified_gmt":"2021-04-23T16:53:53","slug":"ripple-faces-new-hurdle-in-legal-battle-against-the-sec","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/ripple-faces-new-hurdle-in-legal-battle-against-the-sec\/","title":{"rendered":"The U.S. SEC is accusing Ripple (XRP) of &#8216;harrassment&#8217;"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">The so-called <a href=\"https:\/\/cryptoslate.com\/coins\/xrp\/\">XRP<\/a> army went \u201cape\u201d after Judge Sarah Netburn denied the U.S. Securities and Exchange Commission (SEC) from accessing Ripple\u2019s executives\u2019 bank records. Her decision was perceived as a win by investors who rushed to exchanges to get a piece of this altcoin.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The substantial spike in buying pressure behind the fourth-largest cryptocurrency by market capitalization led to a 240% bull rally. XRP\u2019s price skyrocketed from a low of $0.58 on April 4 to hit a three-year high of $1.96 on April 14.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Market participants seem to have taken advantage of the rising price action to book profits, triggering a 40% correction. But the losses accelerated quickly in the past 24 hours after the SEC accused Ripple of harassment.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to the American financial watchdog, the distributed ledger startup is trying to access internal records that are unrelated to determining whether XRP is a security. Such actions are a veiled attempt to push the legal battle into \u201cindefinite discovery disputes and\u2026 document review.\u201d<\/span><\/p>\n<blockquote><p><span data-preserver-spaces=\"true\">\u201cThe defendants do not actually seek relevant evidence, but rather seek to harass the SEC, derail the case\u2019s focus away from its merits, and bog down the SEC with document review,\u201d claimed the commission.\u00a0<\/span><\/p><\/blockquote>\n<p><span data-preserver-spaces=\"true\">In the\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.crypto-law.us\/wp-content\/uploads\/2021\/04\/210421_SEC_Motion_-Discovery_Order.pdf\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">letter<\/span><\/a><span data-preserver-spaces=\"true\">, the regulator asked Judge Netburn to \u201cresolve pending discovery disputes\u201d to prevent Ripple from \u201cseeking irrelevant, privileged SEC staff materials\u201d that had already been ruled out as \u201cnot discoverable.\u201d\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">XRP holders tremble with fear<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">XRP\u2019s supply distribution chart shows that investors were uneasy about the SEC claims.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Indeed, the number of addresses with 1,000,000 to 10,000,000 XRP dropped by 0.33% in the past 48 hours. Roughly four large whales have left the new network or redistributed their tokens within such a short period.\u00a0<\/span><\/p>\n<figure id=\"attachment_188146\" aria-describedby=\"caption-attachment-188146\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-188146 size-large\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/04\/Ripple-XRP-16.53.23-23-Apr-2021-1024x347.png\" alt=\"XRP Supply Distribution by Santiment\" width=\"1024\" height=\"347\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/04\/Ripple-XRP-16.53.23-23-Apr-2021-1024x347.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/04\/Ripple-XRP-16.53.23-23-Apr-2021-300x102.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/04\/Ripple-XRP-16.53.23-23-Apr-2021-768x260.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/04\/Ripple-XRP-16.53.23-23-Apr-2021-1536x520.png 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/04\/Ripple-XRP-16.53.23-23-Apr-2021-2048x693.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-188146\" class=\"wp-caption-text\">XRP Supply Distribution by <a href=\"https:\/\/cryptoslate.com\/companies\/santiment\/\">Santiment<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">The recent decline in the number of large investors behind XRP may seem insignificant at first glance. However, when considering these whales hold between $1.10 million and $11 million worth of this token, the sudden spike in selling pressure can translate into millions of dollars.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The so-called XRP army went \u201cape\u201d after Judge Sarah Netburn denied the U.S. Securities and Exchange Commission (SEC) from accessing Ripple\u2019s executives\u2019 bank records. Her decision was perceived as a win by investors who rushed to exchanges to get a piece of this altcoin.\u00a0 The substantial spike in buying pressure behind the fourth-largest cryptocurrency by [&hellip;]<\/p>\n","protected":false},"author":148,"featured_media":188162,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,60793],"tags":[60946],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The U.S. SEC is accusing Ripple (XRP) of &#039;harrassment&#039;<\/title>\n<meta name=\"description\" content=\"New developments around the SEC v. Ripple case seem to be driving XRP\u2019s market value to lower lows.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/ripple-faces-new-hurdle-in-legal-battle-against-the-sec\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The U.S. SEC is accusing Ripple (XRP) of &#039;harrassment&#039;\" \/>\n<meta property=\"og:description\" content=\"New developments around the SEC v. Ripple case seem to be driving XRP\u2019s market value to lower lows.\u00a0\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/ripple-faces-new-hurdle-in-legal-battle-against-the-sec\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-23T22:00:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-04-23T16:53:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/04\/ripple-sec.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ali Martinez\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ali Martinez\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/ripple-faces-new-hurdle-in-legal-battle-against-the-sec\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/ripple-faces-new-hurdle-in-legal-battle-against-the-sec\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/ali-martinez\/#person\",\"name\":\"Ali Martinez\",\"url\":\"https:\/\/cryptoslate.com\/author\/ali-martinez\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/ali-martinez\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/ali-martinez\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/victor-charles-profile-e1555981456737-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/victor-charles-profile-e1555981456737-300x300.jpg\",\"caption\":\"Ali Martinez\"},\"jobTitle\":\"Analyst\",\"description\":\"Ali came across Bitcoin\u2019s whitepaper in 2014. 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