Ripple price appears to be on its way to a third successive day of losses, after a report that the US Securities and Exchange Commission (SEC) has subpoenaed the personal finance records of
Ripple executives hit the newswires.
In the latest of the unfolding drama that has pitted the SEC against the top execs of Ripple, the SEC wants to have the personal financial information of Ripple CEO Brad Garlinghouse and co-founder Chris Larsen.
However, both execs have fired back, and have filed a lawsuit seeking to block the subpoenas that were sent to several banks to request for information about the transactions of both men.
The initial lawsuit filed by the SEC alleges that Larsen and Garlinghouse personally profited from selling Ripple as an unlicensed security token; a charge both men have denied. The case remains a landmark case that could define the future of regulation of the cryptocurrency market in the US. Ripple price plunged when the SEC filed the lawsuit. It recovered somewhat, but the latest subpoenas show the bumpy road that Ripple price may have to endure if it is to bounce back to previous highs.
The active candle is set to retest yesterday’s intraday low, situated at 0.43990. This comes as the breakdown of the symmetrical triangle on the daily chart was confirmed by yesterday’s closing penetration below the triangle.
A breakdown of the 0.43990 support level brings 0.38473 into the picture, along with a potential to reach 0.33146 if the measured move plays out.
On the flip side, a bounce on 0.43990 allows 0.50650 to become a viable target for bulls chasing some quick bargains. Above this level, the downside expectation of the triangle is invalidated and 0.55025 could become an additional target.
