- Enraged by the confusing guidance of the Securities Exchange Commission over the years, the "XRP Army" questions the agency's credibility.
- Ripple has filed a motion to expose XRP holdings of SEC employees, the court gives the agency until September 3 to respond.
- The altcoin's price remains range-bound above $1.14, an upswing to $2 becomes more likely.
Ripple seeks to unearth SEC employees' crypto holdings in a pushback against the agency in the midst of the court saga between the two entities.
XRP Army comes to Ripple's rescue in the SEC v Ripple case
The US Securities and Exchange Commission (SEC)'s lawsuit against Ripple has garnered traders' attention in the crypto community since December 2020. The case is drawing to a slow close as "XRP Army," a group of XRP investors and traders, come forward to protect their interests.
The SEC lawsuit alleges that the distribution of XRP is "one long unregistered securities trade" since 2013, and that XRP itself is a security. The agency states that every market participant who traded or exchanged XRP in the past eight years should have known it is a security. This statement was the last straw in the case that triggered the XRP Army show of strength.
John Deaton, the founder of Crypto-Law.us, is one of the army's big names on crypto Twitter. Deaton tweeted earlier today:
There are many others within this community that provide invaluable input and research related to battling the @SECGov’s war against #XRP.
Notice I didn’t say war against @Ripple. Ripple has an impressive legal team to represent it. #XRPHolders motion to intervene is pending.
— John E Deaton (@JohnEDeaton1) August 30, 2021
