Ripple requests extension after SEC’s emergency motion

In the latest development in the SEC vs Ripple lawsuit, Ripple has sent a letter to judge Netburn requesting an extension of two additional working days, i.e., till Monday, August 16, 2021, to respond to the SEC’s emergency motion about the Slack communications discovery dispute.

Ripple Fails to produce Slack data

The SEC has written to Judge Netburn, requesting to revisit SEC’s claims against Slack conversations of Ripple employees. Upon approval, Ripple will be bound to produce the pending data from Slack, a messaging application used for Ripple’s internal communications according to the Securities and Exchange Commission. SEC stated that Ripple had earlier agreed to comply and provide the required data, however, as the date of discovery came closer, Ripple unceremoniously pulled back, refusing to provide Slack data, because of a “data processing mistake”.

Additionally, SEC pointed out Ripple’s early failure to produce the majority of Slack data including conversations of the individual respondent, Garlinghouse, along with messages among all designated custodians of Ripple, weighing into SEC’s suspicion.

Slack data’s Relevance

Nevertheless, the SEC has attested a list of 11 Ripple witnesses using incomplete records of their communications. The agency argued that Ripple’s Slack conversations hold “Highly Relevant Communications”, and the respondent should be compelled to search and produce responsive messages from 22 out of 33 of its email custodians.

SEC also claimed that the defendents already have knowledge of the sensitive information Slack data posses against it in the case and is therefore avoiding going through with discovering the messages.

“The messages produced show Ripple employees (including custodians whose Slack messages Ripple refuses to search) discussing issues directly relevant to disputes at the heart of this case. These messages include: (a) discussions about Ripple’s desire to create speculative trading in XRP, see Ex. I (Compilation Exhibit with highlights of relevant portions added by the SEC) at 2-6; (b) the effect of Ripple announcements and efforts on, and Ripple’s concerns as to, the price of XRP, id. at 8-24; (c) the relationship and central importance of XRP sales to Ripple’s overall business, id. at 26-37; and (d) the regulatory status of XRP, id. at 39-40.”, SEC stated in the letter.

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

Journalism & Mass Comm. ‘21 graduate, Palak is a GenZ journalist with background in Lifestyle journalism & PR. At CoinGape, Palak is a junior crypto journalist preparing for Web 3.0

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Three Low-Cap Altcoins Presenting ‘Gigantic Opportunities,’ Says Crypto Strategist Michaël van de Poppe

Popular crypto analyst and trader Michaël van de Poppe says he’s watching three low-cap altcoins that are presenting “gigantic opportunities.”

In a new strategy session, Van de Poppe says he sees a huge rally on the horizon for decentralized machine learning network Fetch.ai against Bitcoin (FET/BTC).

 

“What are the chances for Fetch to continue moving, and how far can we go? Actually quite high, given the fact that we’re just making a new higher low here (0.000005 BTC or $0.23) and somewhat a bull flag. But the critical level that we’re holding with this one is based on the fact that we’re holding this weekly block here (0.00000548 BTC or $0.25).”  

The crypto strategist says he expects FET to go as high as 0.000027 BTC, worth $1.24 at time of writing, for a surge of over 210% from its current value of 0.0000087 BTC or $0.40.

Another coin on the trader’s radar is scaling platform Celer Network and its Bitcoin pair (CELR/BTC). According to Van de Poppe, CELR/BTC is presenting a “significant opportunity” after the pair’s corrective move from the 2021 high of 0.00000194 BTC or $0.089.

“Buying in this region (0.00000073 BTC or $0.034) has lower downward risk and significant upward risk given the fact that this corrective move is causing a compression and burning events to be squeezed through which a big impulse wave just like the previous period is very likely to be happening.”

The last coin on Van de Poppe’s list is SXP, the native token of payments network Swipe. The trader says SXP must take out its immediate resistance against Bitcoin (SXP/BTC) to have a shot at igniting an uptrend.

“If Swipe is going to make the breaker out of 0.000064 BTC ($2.95), we are most likely seeking for a new higher high, and we’re getting the chance of a new impulse wave to be happening here.”

Above 0.000064 BTC, Van de Poppe predicts that SXP/BTC can surge as high as 0.00013 BTC or $5.98, marking a potential increase of over 100%.

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