XRP fell through the First Major Support Level (S1) at $0.4667 and the Second Major Support Level (S2) at $0.4582 to end the day at sub-$0.45.
XRP tracked the broader crypto market into negative territory, with investor angst over the Fed and the economic outlook weighing. However, slow progress towards a conclusion to the SEC v Ripple saga added further price pressure.
Fears of a Drawn-Out SEC Battle to Shield the Hinman Docs Resurface
Last week, the defendants in the SEC v Ripple case won another major victory, tipping the scales in favor of a Ripple win.
Judge Torres overruled the SEC’s objection to the Court denying the SEC motion to protect the William Hinman speech-related documents under the attorney-client privilege.
In a famous 2018 speech, Division of Corporation Finance, William Hinman, said that Bitcoin (BTC) and Ethereum (ETH) are not securities.
The SEC has made at least seven attempts to shield the documents under the attorney-client privilege. Yet, despite numerous Court orders to turn over the documents, the SEC has failed to comply.
The SEC’s unwillingness to turn over the documents suggests that the docs may have damaging content not just to the case but for the SEC and its view on cryptos.
There has been a lack of commentary since Thursday’s ruling, which suggests an appeal is on the cards. In a series of tweets, defense attorney James Filan shared his thoughts on the SEC’s options. These included,
- Ask Judge Torres to reconsider her overruling the SEC objection.
- Request the Court to certify an appeal of the Court decision.
- Go to the Court of Appeals on a Petition for Writ of Mandamus.
- All the above.
One or all of the above could see the case drag on. However, according to James Filan, the Court schedule remains unchanged. October 18 is the next key date, where parties must file all materials relating to oppositions to summary judgment motions, including briefs, counterstatements, and supporting exhibits.
Over the coming days, we expect heightened XRP sensitivity to updates, with a lack of news likely to test investor appetite.
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