Ripple Lab Lawyers Oppose Another SEC Motion on Hinman Documents

Key Insights:

• On Tuesday, Ripple Lab lawyers opposed an SEC request to file an additional brief to support its Hinman speech motion.
• Last week, the SEC filed a letter motion to shield internal documents relating to William Hinman’s 2018 speech.
• Key technical indicators are bearish. XRP sits below the 50-day EMA.

The SEC case against Ripple Lab continues to draw headlines. Last week, the SEC filed a letter motion to renew “its assertion that the attorney-client privilege protects internal documents related to a June 14, 2018 speech delivered by Bill Hinman, the then director of the SEC’s Division of Corporation Finance.”

The motion was in response to Judge Sarah Netburn denying an SEC motion for the courts to reconsider a ruling on the speech following a January 13, 2022 decision.

This week, the battle between the SEC and Ripple has heated up, with Hinman still at the center of legal proceedings.

Ripple Lab lawyers oppose latest SEC request

On Tuesday, US Attorney James Filan shared the latest news from the SEC v Ripple Lab case.

Ripple Lawyer Matthew Solomon opposed an SEC request “to file an additional brief in support of its assertions that internal documents related to a speech given by a former SEC official are protected from disclosure by the attorney-client privilege.”

Solomon noted that it would be at least the SEC’s sixth “filing in opposition to Defendants’ August 10, 2021 motion to compel.” Solomon added:

“Since the Defendants filed this motion to compel nearly nine months ago, the Court has twice overruled the SEC’s improper deliberative process privilege objections. Notwithstanding that, and close of fact and expert discovery, the SEC continues to withhold all documents related to a former SEC official’s June 14, 2018 speech.”

#XRPCommunity #SECGov v. #Ripple #XRP Solomon comes out swinging in opposing SEC request to file a reply brief. "The SEC requests leave to file what they term a “reply,” but . . . this would be at least the SEC’s 6th filing in opposition to Defendants’ . . . motion to compel… pic.twitter.com/9UO510hQlw

— James K. Filan 🇺🇸🇮🇪96k+ (beware of imposters) (@FilanLaw) May 3, 2022

 

Solomon responded to a May 3 SEC request to “be permitted to file a reply brief in support of its assertion of attorney-client privilege over the Speech documents by May 20, 2022.”

#XRPCommunity #SECGov v. #Ripple #XRP The SEC requests permission to file a reply brief to the Ripple Defendants' May 13, 2022 response regarding the SEC's attorney-client privilege claims in connection with the Hinman documents. Ripple defendants object to the SEC’s request. pic.twitter.com/lRHZUo7aSl

— James K. Filan 🇺🇸🇮🇪96k+ (beware of imposters) (@FilanLaw) May 3, 2022

XRP’s reaction to the latest updates from the SEC v Ripple Lab case is largely muted.

XRP price action

At the time of writing, XRP was up 1.39% to $0.6131.

Technical indicators

XRP will need to avoid the $0.6090 pivot to target the First Major Resistance Level at $0.6227. XRP would need broader crypto market support to return to $0.62.

In the event of an extended rally, XRP should test the Second Major Resistance Level at $0.6406. The Third Major Resistance Level sits at $0.6727.

A fall through the pivot would bring the First Major Support Level at $0.5910 into play.

Barring an extended sell-off throughout the day, XRP should avoid sub-$0.58. The Second Major Support Level sits at $0.5780.

The EMAs and the four-hourly candlestick chart (below) send a bearish signal. At the time of writing, XRP sits below the 50-day EMA, currently at $0.6324. This morning, the 50-day EMA pulled back from the 100-day EMA. The 100-day EMA also pulled back from the 200-day EMA, XRP negative.

A move through the 50-day EMA would support a shift in sentiment and a return to $0.65.