Ripple vs SEC : Will Elon Musk Join Ripple(XRP) Supporters in Their Fight Against the SEC?

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Supporters of Ripple have requested Elon Musk to join their fight against the Securities and Exchange Commission. This comes after Tesla’s CEO filed a complaint against the SEC.

With Musk’s most recent protest about the SEC’s oversight, advocates of Ripple and the beleaguered XRP token have urged the billionaire to join them. Many advocates of Ripple point out that the XRP community has a similar beef with the SEC.

Attorney John Deaton, one such backer, stated that the XRP community, like Musk, was tired of the SEC’s efforts. Musk is welcome to join the XRP community in any manner he desires, according to Deaton.

@elonmusk over one thousand of the 65K that have joined in the fight against the SEC do not own #XRP. They joined b/c they’re tired of the SEC’s overreach, extortion and bullying tactics. You can join and be a silent member or join and be out front.https://t.co/mnRYX8cTTH

— John E Deaton (@JohnEDeaton1) February 17, 2022

What Happened?

Musk and Tesla’s lawyer, Alex Shapiro, said in a letter to Manhattan U.S. District Judge Alison Nathan that the SEC was hounding his clients with endless probes.

According to Shapiro, the panel is doing this because Musk has remained a vocal critic of the administration.

“Worst of all, the SEC seems to be targeting Mr. Musk and Tesla for unrelenting investigation largely because Mr. Musk remains an outspoken critic of the government,” Shapiro wrote.

He went on to say that the SEC seemed hell-bent on depriving Musk his right to free expression. According to CNBC, Judge Nathan has requested a response from the SEC by February 24.

The filing comes after Tesla reported that Musk had been subpoenaed by the Securities and Exchange Commission (SEC) for his Twitter activity. This isn’t the first time Musk has had a run-in with the Securities and Exchange Commission over the matter. Musk and Tesla were originally sued by the SEC in 2018 for a false tweet. A $40 million settlement was obtained at the time.

XRP Price

XRP has entered a consolidation phase after a significant surge last week. The main resistance level is $0.96, while the important support level is $0.70. With this most recent bounce, the cryptocurrency stunned the market, and if it can finally break above $1, it will be back in the spotlight. For this scenario to play out, the price must not go below the important support level.