SEC v Ripple: Court Denies an SEC Motion to Seal Providing XRP Support
- On Thursday, Judge Analisa Torres denied a motion to seal and ordered the SEC to file the brief and exhibits by June 14.
- The latest Court ruling followed Tuesday’s court-scheduled SEC-Ripple conference that put the SEC under the spotlight.
- Key technical indicators remain bearish. XRP sits below the 100-day EMA.
A mixed session saw XRP rise to a late morning high of $0.4035 before sliding to a day low of $0.3964.
XRP avoided the day’s Major Support and Resistance Levels, while resistance at $0.40 pegged XRP back.
Despite bearish sentiment across the broader crypto market, XRP found late support to limit the downside. Near-term, price action remains hinged on news updates from the SEC v Ripple case.
Following Tuesday’s court-scheduled SEC-Ripple conference, which leaned in favor of Ripple Lab, court rulings went against the SEC on Thursday.
Court Rules Against the SEC Ahead of the All-Important Hinman Ruling
Overnight, defense attorney James Filan shared the latest Court ruling in the SEC v Ripple case.
Sharing the Court ruling on Twitter, Filan said,
“The Court denies SEC’s Motion to Seal and Orders it to file by June 14 a redacted version of the brief and exhibits, under seal, redacting information “only to the extent necessary to safeguard information sought to be filed under seal.”
Filan went on to say,
“The Court also Orders that by June 14, 2022, the SEC shall file a letter explaining its proposed redactions and specifying which exhibits it seeks to seal. Essentially the Court agreed with Ripple and said that the SEC was trying to seal more than necessary.”
#XRPCommunity #SECGov v. #Ripple #XRP The Court denies SEC’s Motion to Seal and Orders it to file by June 14th a redacted version of the brief and exhibits, under seal, redacting information "only to the extent necessary to safeguard information sought to be filed under seal." pic.twitter.com/rtblZL40eH
— James K. Filan 🇺🇸🇮🇪101k+ (beware of imposters) (@FilanLaw) June 9, 2022
Following the latest Court ruling and orders, it remains to be seen whether the scales have tipped in Ripple’s favor.
It may well boil down to the Court decision on the Hinman speech-related documents on whether they fall under the attorney-client privilege.
XRP Price Action
At the time of writing, XRP was down 0.63% to $0.3972.
A bearish start to the day saw XRP fall through the First Major Support Level at $0.3962 to a low of $0.3933 before finding support.
XRP will need to move through the $0.3999 pivot to target the First Major Resistance Level at $0.4033. XRP would need the broader crypto market support to return to $0.40 levels.
In a broad-based crypto rebound, XRP should test the Second Major Resistance Level at $0.4070 and resistance at $0.41. The Third Major Resistance Level sits at $0.4141.
Failure to move back through the pivot would leave the First Major Support Level at $0.3962 in play.
Barring an extended sell-off throughout the day, XRP should avoid sub-$0.39. The Second Major Support Level at $0.3928 should limit the downside.
The EMAs and the 4-hourly candlestick chart (below) send a bearish signal. At the time of writing, XRP sits below the 100-day EMA, currently at $0.4069. Today, the 50-day EMA slipped back from the 100-day EMA. The 100-day EMA eased back from the 200-day EMA, XRP negative.
A move through the 100-day EMA to $0.41 would support a run at the 200-day EMA and $0.45. Near-term, news updates from the SEC v Ripple case will remain the main driver.