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XRP Rebounds 20%, Ripple's Answer to SEC Assertions Over Hinman Emails Expected Today

Fri, 05/13/2022 - 11:01
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Tomiwabold Olajide
XRP price steadily declined until support was met at around $0.33
XRP Rebounds 20%, Ripple's Answer to SEC Assertions Over Hinman Emails Expected Today
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According to CoinMarketCap, the XRP price is up nearly 20% in the last 24 hours at a present price of $0.44. The XRP price steadily declined until the support was met at around $0.33, which halted the decline. XRP then kicked off a rebound, reaching intraday highs of $0.463 on May 13.

The steady declines also caused the relative strength index (RSI) on XRP charts to reach oversold levels below the 30 mark, a signal that the recent selling might soon exhaust itself, and investors might begin to look for entry-point opportunities on the buy side.

XRP/USD Daily Chart, Source: TradingView

RSI readings indicate oversold conditions once the value declines below 30. Thus, the bigger the negative value, the greater the chances of a relief rally.

Ripple's answer to SEC is expected today

According to defense lawyer James K. Filan, the Ripple defendants' response to the SEC's brief asserting that the Hinman documents are protected by attorney-client privilege is due today, Friday, the 13th.

Earlier in the lawsuit, the SEC had gone ahead to make new privilege assertions in its continued efforts to avoid the release of emails related to the 2018 Ethereum speech of William Hinman, the former director of the SEC's Division of Corporate Finance.

Ripple defendants then sought additional time to file their response to the SEC's renewed assertions over the former SEC official's emails, which are due today.

In a persistent bid to prevent the emails from being disclosed, the SEC continues to claim that the documents were protected by attorney-client privilege, stating  "that the last year of briefings, oral argument, the Court’s decisions, and their motion for reconsideration, were all an academic exercise because it turns out that the documents (every single one of them) are privileged attorney-client communications."

However, Ripple defendants suggest a willingness to proceed to summary judgment without a definitive ruling on the issue.

Other key dates as shared earlier by James K. Filan pertain to the SEC's response to the Ripple defendants' reply, which is expected to come within the next five days, latest May 18.

Last month, Judge Analisa Torres modified the briefing schedule for Ripple and the SEC, ordering that all motions excluding expert testimony be fully briefed by the end of August. Any motions for summary judgment must be filed by September 2022. Likewise, motions for summary judgment must be fully briefed by Nov. 15. These dates remain crucial as the lawsuit progresses.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.