Ripple

A Major Twist In The Ripple SEC Lawsuit, Will This Filing Slash XRP Price By 25% This Weekend?

Written by: Qadir AK

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Apr 30, 2022

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Highlights

    The U.S SEC files a motion asserting the attorney-client privilege in Hinman’s speech.

    XRP price heads south, support levels at $0.58 await, as price slips below $0.62.

The cryptoverse’s biggest legal battle revolves around Ripple and the U.S SEC. Has been getting cumbersome, despite the tall stance of the defendants. We at Coinpedia had previously reported, that Judge Analisa Torres had taken the summary judgment for review. And had ordered to end the proposal to exclude the expert testimony, by the end of August.

However, a recent update in the case has been a letdown for the XRP community. As the plaintiffs in a recent motion assert that the attorney-client is privileged in Hinman’s speech from 2018. On the contrary, the XRP’s price falling below its support levels irks new-age investors.

Is The SEC Defending Hinman’s Speech?

In a recent update, brought by Advocate James K. Filan, the SEC has filed a letter of motion to Judge Sarah Netburn. Asserting the attorney-client privilege in connection with the Hinman speech. The filing cites that, it renews its assertion that the attorney-client privilege protects internal documents. Related to Bill Hinman’s speech delivered on the 14th of June 2018.  

The plaintiffs cite that the privilege applies because the documents in whole or in part, reflect communications between Hinman and the SEC’s attorneys. The advocates from the SEC voice on behalf of the regulating authority. Citing that, the SEC seeks to withhold the speech drafts in their entirety. Because legal advice about digital assets is evident throughout the drafts.

And also because disclosure would reveal confidential communications between the SEC attorneys and Hinman. The filing also illustrates that the SEC seeks to withhold drafts  24 through 58, citing they reflect Hinman’s preliminary draft. Which he had submitted to the SEC’s attorneys. 

Moreover, the SEC will also be holding limited portions of later drafts edited by Corp. Fin attorneys. Which they mention are sufficiently close to the final draft. Concluding the SEC will also be retaining portions of transmittal emails that contain legal advice.

Is XRP Price On The Verge Of Dropping To $0.5? 

XRP price at the time of press is changing hands at $0.619, with losses accounting for 3.48%, over the day. However, the volumes have risen by 21.29% over the previous day, taking the numbers to $1,914,248,346. A spike in selling pressures has pulled the price below the crucial support levels. Whilst the 20-D EMA has been sloping to the south, the RSI has been in the oversold region.  

Losing out on steam from the current levels could drag the price down to $0.5892, and later to $0.5529. On the upside, if the digital coin manages to construct volumes, the price of XRP could surge upwards to its 20-D EMA at $0.71. An uptrend thereafter will take the price to $0.7848.

In summing up, the move by the U.S Securities and Exchange Commission. Has irked the XRP army and the crypto fraternity as a whole. However, we could see the defendants crafting up their move shortly. Which could also help XRP escalate its price.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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