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SEC v Ripple Update – Hinman Attorney-Client Privilege Court Date Set

By:
Bob Mason
Published: Jun 1, 2022, 05:25 GMT+00:00

June 7 is the next key date for the SEC v Ripple case. A conference is scheduled to discuss Hinman's speech docs and claims of attorney-client privilege.

SEC v Ripple June 7 Conference to influence XRP

Key Insights:

  • On Tuesday, Judge Sarah Netburn alerted the SEC and Ripple Labs of a June 7 conference relating to William Hinman’s speech-related documents.
  • The SEC has pushed the courts to rule that all documents related to a 2018 Hinman speech fall under the attorney-client privilege.
  • Key technical indicators bearish. XRP sits well below the 50-day EMA.

This year, the SEC v Ripple has been a hot topic. On May 18, the SEC filed its response to a Ripple reply to an SEC brief claiming that the attorney-client privilege protects William Hinman’s speech-related documents.

William Hinman and a 2018 speech has become the focal point of the SEC and the Ripple Labs defense team.

In August 2021, Ripple Labs filed a motion to compel. Since that motion, Ripple defense lawyer Matthew Solomon objected to the SEC brief, noting that the SEC has filed at least six motions to contest Ripple’s motion to compel.

In 2018, Hinman said that bitcoin (BTC) and Ethereum (ETH) are not securities.

Since the SEC’s May 18 response to a Ripple Lab reply on May 13, the courts were silent until Tuesday.

June 7 Conference Scheduled on Hinman Attorney-Client Privilege Claims

This morning, defense attorney James Filan announced news of a Tuesday, June 7, 2022, conference to discuss the SEC claims of attorney-client privilege regarding the 2018 Hinman speech documents. This is the next court date for the SEC v Ripple case.

Taking to Twitter, Filan said,

“BREAKING: Conference scheduled for Tuesday, June 07, 2022, at 3:00 p.m. to discuss the SEC’s renewed assertion of the attorney-client privilege as to internal documents related to Hinman’s June 14, 2018 speech.”

 

According to a letter from Judge Sarah Netburn, SEC and Ripple Lab legal teams are to attend in person. Judge Netburn did not provide any dial-in details for the June 7 conference.

With the courts having previously ruled twice in favor of Ripple Lab, any ruling in favor of Ripple Lab will likely result in more motions from the SEC to contest the court’s decision. However, we can expect plenty of XRP sensitivity to updates from the June 7 conference.

XRP Price Action Hinged on SEC v Ripple Case

At the time of writing, XRP was down 0.74% to $0.4181.

XRP on the defensive after SEC v Ripple news update.
XRPUSD 010622 Daily Chart

Technical Indicators

XRP will need to move through the $0.4201 pivot to target the First Major Resistance Level at $0.4340. XRP would need broader crypto market support to break out from Tuesday’s high of $0.4329.

In the event of an extended rally, XRP should test the Second Major Resistance Level at $0.4467 and resistance at $0.45. The Third Major Resistance Level sits at $0.4733.

Failure to move through the pivot at $0.4201 would bring the First Major Support Level at $0.4074 into play.

Barring another extended sell-off throughout the day, XRP should avoid sub-$0.40. The Second Major Support Level sits at $0.3935.

An XRP return to $0.42 would support a run at $0.45.
XRPUSD 010622 Hourly Chart

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 $0.4219. This morning, the 50-day EMA narrowed to the 100-day EMA. The 100-day EMA flattened on the 200-day EMA, XRP positive.

A move through the 100-day EMA would support a run at $0.45.

An XRP move through the 200-day EMA dependent on SEC v Ripple updates
XRPUSD 010622 4-Hourly Chart

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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