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XRP falls to $0.51 when SEC redacted file is released
Ripple lawsuit grows after redacted SEC file is released.
Ripple, SEC, and connected parties will request remedies-related papers be sealed by May 13.
XRP loses Monday gains and falls below $0.51 early Wednesday.
XRP fell to $0.51 on Wednesday, erasing gains from earlier this week. Redacted SEC filing is public. After Ripple and the SEC file and present evidence, connected parties submit omnibus letter motions.
The move will seal or redact remedies-related files and evidence by May 13.
After submitting their remedies-related documents, Ripple and the SEC made redacted copies public.
Recent legal filings by the regulator and payment remittance provider address two important concerns.
SEC claims Ripple offered unregistered securities (XRP) to institutional customers pre- and post-lawsuit, demanding $2 billion in fines.
Second, Ripple's $10 million fine counterclaim claims that the SEC's $2 billion demand is unreasonable and unexplained.
SEC Chief Assistant Accountant Andrea Fox commented on Ripple's financial accounts after the commission dismissed its action against Brad Garlinghouse and Chris Larsen.
Ripple's $10 million counter is criticized by the SEC, but a minor penalty may not dissuade future large-scale capital raising without registration.
In May, the court will decide punishment.
Technical analysis: XRP falls below $0.51
Ripple may fall further 3.35% from $0.5217 to $0.5045. This is Ripple's 38.2% Fibonacci retracement from April 9's $0.6431 high to April 13's $0.4188 low.
If XRP falls further, the May 1 low of $0.4782 may support it.
Moving Average Convergence Divergence (MACD) histogram bars above the neutral line indicate diminishing positive momentum.
A daily candlestick close above $0.5310, the 50% Fibonacci placeholder, might disprove bearishness. XRP may meet resistance around $0.5574, the 61.8% Fibonacci retracement of the April 9–13 fall.
