XRP News: SEC vs. Ripple Lawsuit Drama Unveiled by Amicus Curiae Attorney

Key Insights:

• XRP gained 0.26% on Sunday, ending the session at $0.6228.
• SEC trials and tribulations remained a talking point on Sunday.
• SEC v Ripple news and US regulatory activity are focal points on Monday.

The Sunday Overview

On Sunday, XRP gained 0.26%. Following a 1.35% rise on Saturday, XRP ended the session at $0.6228.

Amicus Curiae Attorney John E. Deaton Discusses SEC Lies

On Sunday, CryptoLaw US founder and amicus curiae attorney John E. Deaton shared more views about the SEC. Discussing SEC courtroom game plans, Deaton said,

“[…] When I sued the SEC, SEC lawyers like Jorge Tenreiro lied and told the Judge I was a disgruntled XRP holder who was upset because I bet on the wrong token and lost money. The truth was when the SEC filed suit on December 22, 2020, I had made significant money on XRP. At the time, I owned 3 tokes, and XRP was my smallest investment behind BTC and ETH.”

Deaton went on to say,

“The SEC never lets the truth get in the way of their lies. The case was much bigger than XRP. But, I did buy more XRP AFTER the lawsuit because I knew we would win. Plus, It was like betting on myself and betting the judge would follow the law.”

Deaton’s comments followed the news of more SEC trouble in the courts. Last week, Ripple Chief Legal Officer Stuart Alderoty shared news from the SEC v Debt Box case, saying,

“A troubling pattern emerges: […] Court orders SEC to show cause why it should not be sanctioned for making false and misleading representations to the Court. SEC v Debt Box, 11/30/23.”

Recent comments from the US courts could put a greater emphasis on the inner workings of the SEC and the Hinman speech-related documents.

SEC v Ripple: Hinman Docs Can Still Play a Role

There was no SEC v Ripple case-related news for investors to digest on Sunday. However, lingering uncertainty about the outcome of the SEC appealing the Programmatic Sales ruling remained a headwind.

As the SEC and Ripple progress through the final stage of the case, Ripple will be aware of SEC plans to file an appeal. During the remedies-related discovery process, settlement-related discussions are possible.

However, the SEC is unlikely to settle if there are restrictions to appealing the Programmatic Sales ruling. If the SEC does not accept the Programmatic Sales ruling, Ripple may fancy its chances in the courts.

An SEC appeal against the Programmatic Sales ruling could allow Ripple to introduce the famous Hinman speech-related docs. Recent court comments about the SEC give the speech-related docs more weight. Notably, the SEC tried to shield the documents from the public under attorney-client privilege on at least six attempts.

A court response to the content of the documents could give US lawmakers more reason to curb the SEC’s free rein over the digital asset space.

As background, former SEC Director of the Division of Corporation Finance William Hinman said that Bitcoin (BTC) and Ethereum (ETH) are not securities. The contentious issue was Hinman’s connection with Simpson Thacher. Simpson Thacher is a law firm and part of a group that promotes Enterprise Ethereum. After leaving the SEC, Hinman returned to Simpson Thacher.

XRP Price Action

Daily Chart

XRP remained above the 50-day and 200-day EMAs, sending bullish price signals.

An XRP move through the $0.6354 resistance level would give the bulls a run at the $0.65 handle.

SEC v Ripple case-related chatter and US regulatory activity are focal points on Monday.

However, a break below the 50-day EMA would support a fall toward the $0.5835 support level.

The 14-day RSI reading of 53.96 indicates an XRP return to $0.65 before entering overbought territory.

4-Hourly Chart

On the 4-hourly, XRP sat above the 50-day and 200-day EMAs, affirming bullish price signals.

An XRP break above the $0.6354 resistance level would support a move to the $0.65 handle.

However, an XRP fall through the 50-day EMA would give the bears a run at the 200-day EMA.

The 4-hourly RSI, with a reading of 63.81, indicates an XRP move through the $0.6374 resistance level before entering overbought territory.