SEC v Ripple: XRP on the Back Foot as the SEC Files New Objection
- It was a bullish Friday for XRP, with a 2.59% gain reducing some of Thursday’s 8.94% sell-off.
- XRP and the broader crypto market found relief despite uncertainty surrounding the SEC v Ripple case and recession fears.
- Technical indicators remain bearish, with XRP sitting below the 50-day EMA.
On Friday, XRP rose by 2.59%. Partially reversing an 8.94% slide on Thursday, XRP ended the day at $0.3207.
A mixed start to the day saw XRP fall to an early low of $0.3103 before striking a day high of $0.3390.
XRP broke through the First Major Resistance Level at $0.3374 before a pullback to $0.32 levels.
While investor appetite for riskier assets will continue to provide direction, news updates from the SEC v Ripple case will remain the key driver.
Following Thursday’s SEC filings in response to a June 14 court order on the matter of Hinman’s speech-related documents, the SEC was back in action on Friday.
SEC Files Objection to Ripple Motion to Seal Amici-Related Exhibit
Overnight, defense attorney James Filan shared the latest SEC filing dated June 17.
Turning to Twitter, Filan shared the filing stating,
“The SEC has filed an objection to the Ripple Defendants’ Motion to Seal Exhibit O in connection with amici’s request to participate in the SEC expert challenge.”
According to the filing,
“The SEC opposes Defendants’ request to seal Exhibit O and the reference to that document in the Amicus Opposition Brief because Defendants’ conclusory assertion that Exhibit O contains “sensitive and confidential business information” is not sufficient to warrant sealing.”
The SEC claims that,
“Defendants’ attempt to seal Exhibit O is an effort to shield from public disclosure a document that calls into question Defendants’ motives and their position in this litigation.”
One area of focus for the Ripple Community was a para within the filing stating,
“The fact that a document makes a party look bad or hurts a party on merits of the case is not a legally valid justification for sealing.”
The community referenced the William Hinman speech-related documents that the SEC claims should fall under the attorney-client privilege.
Amidst the filings, the court ruling on the Hinman speech-related documents remains the key ruling. The ruling could come at any time.
XRP Price Action
At the time of writing, XRP was down 7.96% to $0.3088.
A mixed start to the day saw XRP strike an early high of $0.3258 before sliding to a morning low of $0.3045.
XRP left the Major Support and Resistance Levels untested early on.
An XRP move through the $0.3233 pivot would bring the First Major Resistance Level at $0.3364 and Thursday’s high of $0.3390 into play. XRP would need the broader crypto market to support a breakout from $0.3350.
In the case of an extended crypto rally, XRP could test the Second Major Resistance Level at $0.3520. The Third Major Resistance Level sits at $0.3807.
Failure to move through the pivot would bring the First Major Support Level at $0.3077 into play. Barring an extended sell-off throughout the afternoon, XRP should avoid sub-$0.30. The Second Major Support Level sits at $0.2946.
The EMAs and the 4-hourly candlestick chart (below) send a bearish signal. At the time of writing, XRP sits below the 50-day EMA, currently at $0.3376. Today, the 50-day EMA fell back from the 100-day EMA. The 100-day EMA eased back from the 200-day EMA, XRP price negative.
A return to $0.35 levels would support a run at the 100-day EMA, currently at $0.36.