Ripple vs SEC: Ripple Claims the U.S. SEC Mischaracterizes Hinman’s Testimony

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Ripple vs SEC: Ripple Claims the U.S. SEC Mischaracterizes Hinman's Testimony
Ripple vs SEC: Ripple Claims the U.S. SEC Mischaracterizes Hinman's Testimony

In a letter to Magistrate Sarah Netburn, a lawyer who represents Ripple, a distributed ledger technology provider, alleged that the US Securities and Exchange Commission falsified the testimony of William Hinman, a former senior official with the agency.

Hinman Told Ripple to Stop XRP Sales

As reported by Fxcryptonews, Hinman claims that he told the company to stop its XRP sales because he believes cryptocurrency is an unregistered security. In addition, the supervisory authority pointed out that the defendant had taken measures to delete part of the testimony from the files.

Ripple stated that it only acted in response to repeated responses that did not include discussions of digital assets other than XRP. In addition, the company claims that Hinman’s personal views on the sixth largest cryptocurrency are suspicious:

“Mr. Hinman’s personal views as to XRP’s status are dubious, in any event, given his testimony that not all of the factors laid out in Howey need to be met to be an investment contract.”

As this finding was deemed relevant, Ripple asked the court to force the SEC to provide its internal and institutional documents regarding its views on Bitcoin, Ethereum and XRP.

Ripple’s XRP Price Analysis

Ripple’s XRP rose 1.47% on Monday. After rising 0.91% on Sunday, Ripple’s XRP closed at $1.24621.

The opening of the day was bullish, with Ripple’s XRP rising to an early session high of $1.30363 and then reversing.

Ripple’s XRP broke the first major resistance at $1.2630 and the second major resistance at $1.2896.

Ripple’s XRP encountered resistance at $1.30 and fell to an afternoon low of $1.20001.

To avoid the first major support level of $1.1859, Ripple’s XRP rebounded to $1.24 and turned green.

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XRP/USD Chart. Source: TradingView

At the time of writing, Ripple’s XRP was up 0.11% to $1.24758. The start to the day was mixed, with Ripple’s XRP falling to an early low of $1.24391 and then rising to a high of $1.25120.

Ripple’s XRP didn’t test large levels of support and resistance in the early days.