Ripple Files Letter Opposing SEC Attempts to Seal Its Amici Response

Key Insights:

• On Monday, XRP fell for a second consecutive day, with crypto market forces doing the damage.
• Updates from the SEC v Ripple case had a muted impact on XRP as the markets await the court ruling on the William Hinman speech-related documents.
• Technical indicators are bullish, with XRP sitting above the 100-day EMA.

On Monday, XRP fell by 1.62%. Following a 2.31% loss on Sunday, XRP ended the day at $0.3530. There were no influences from the SEC v Ripple case.

A bullish morning saw XRP rise to a day high of $0.3666 before hitting reverse.

Falling short of the First Major Resistance Level at $0.3698, XRP slid to a low of $0.3479.

XRP fell through the First Major Resistance Level at $0.3527 before a partial recovery to $0.3530.

The US equities and crude oil prices weighed on XRP and the broader market. A jump in crude prices in response to news updates from the G7 raised concerns over inflation, leading to a pullback in riskier assets.

While crypto market forces pegged XRP back, the SEC v Ripple case remains the key driver for XRP.

Ripple Opposes SEC Attempts to Seal SEC Objections to Amici

Overnight, defense attorney James Filan shared the latest action from the ongoing SEC v Ripple case.

Filan took to Twitter, saying,

“The Ripple Defendants have filed a letter opposing the SEC’s continued efforts to seal its response to amici regarding the SEC’s expert, stating that the SEC’s arguments “are, on their face, about shielding the SEC from public criticism.”

The letter, dated June 27 and addressed to Judge Analisa Torres, referenced extensive redactions and that the SEC’s proposed redactions have nothing to do with any safety concerns the SEC may have.

On the issue of safety, the letter goes on to say,

“The SEC insists that “publishing the substance of the Expert’s testimony” should not be allowed because it could “inflame the discourse.”

Ripple requested the Court to reject the SEC’s request on the basis that the SEC argument “is antithetical to the right of the public to have access to substantive legal arguments in a case of widespread interest.”

The expert testimony is in reference to Partick Doodey, who gave testimony to the Court on what XRP holders considered when buying the token.

John Deaton, counsel for Amici, which represents 67k XRP holders, filed a letter in response to the Doody testimony, requesting permission to write a brief on behalf of the Amici to provide the Court with the reasons behind more than 67,000 holders purchasing XRP.

The SEC opposed the Amici request even though the brief would represent actual XRP holders.

The latest action comes as investors await the Court ruling on the Hinman speech-related documents that could turn the case on its head.

XRP Price Action

At the time of writing, XRP was down 0.91% to $0.3498

A mixed start to the day saw XRP rise to an early high of $0.3554 before falling to a low of $0.3491.

Technical Indicators

A move through the $0.3558 pivot would bring the First Major Resistance Level at $0.3638 and the Monday high of $0.3666 into play.

XRP would need the broader crypto market to support a breakout from the morning high of $0.3554.

In the case of an extended crypto rally, XRP could test resistance at $0.37 and the Second Major Resistance Level at $0.3745. The Third Major Resistance Level sits at $0.3932.

Failure to move through the pivot would bring the First Major Support Level at $0.3451 into play. Barring an extended sell-off, XRP should avoid sub-$0.34. The Second Major Support Level sits at $0.3371.

The EMAs and the 4-hourly candlestick chart (below) send a bullish signal. At the time of writing, XRP sat at the 100-day EMA, currently at $0.3490. Today, the 50-day EMA converged on the 100-day EMA. The 100-day EMA narrowed to the 200-day EMA, XRP price Positive.

A bullish cross of the 50-day EMA through the 100-day EMA would bring the 200-day EMA into play. The 200-EMA current sits at $0.3757.