The company yesterday won a ruling that means the SEC needs to hand over internal documents about Bitcoin and Etherium. This means that the general public may soon get a look at what is going on behind the scenes at the SEC.
Although Ripple dropped by 8.1% this morning, it’s still trading far higher than before the SEC moves. I do get the impression that the Ripple company has the SEC firmly held by the genitals.
If Ripple proves that Bitcoin and Etherium, by looking at these documents ARE similar to Ripple (which they are), then the SEC will be forced to drop the case.
What worries me now is that the price is quite high. But remember a lot of Ripple is held in exchanges that don’t allow you to trade it. Imagine if they win, the price rallies, the exchanges open up. What happens next? Profit-taking on a huge scale could cause the currency to crash or at least lose value quite quick.
I’m keeping my long-term investment in Ripple but with my finger hovering over the close trade button.
From the XRP charts
I think now is a good time to add to my XRP holding. You can see it’s bounced off of the new support line. Where will it go? Who knows.
Be First to Comment