- Judge Sarah Netburn denied the SEC’s motion to protect Hinman’s internal notes and emails under attorney-client privilege.
- After the regulator’s motion was denied, whether the SEC will avoid producing the documents remains to be seen.
- Analysts believe the XRP price rally could continue if the altcoin crosses the $0.48 level.
Judge Sarah Netburn ruled against the SEC’s motion to protect the William Hinman documents. This is considered a decisive win in the latest SEC v. Ripple ruling. Analysts believe the XRP price could continue its uptrend if it crosses the $0.48 level.
Also read: SEC v. Ripple: Defendants and regulator in conflict over expert reports
Judge Netburn denied SEC the motion to keep Hinman documents protected
While investors continue to weigh in on the US inflation data and the tightening of the Federal Reserve’s monetary policy, the XRP price broke into an uptrend. Experts believe another spike in US inflation could negatively influence the XRP price.
Defence attorney James Filan recently shared a court ruling on the SEC’s motion to protect William Hinman’s speech and related documents, protected under client-attorney privilege. Proponents consider Judge Sarah Netburn’s ruling a victory for XRP holders.
To quote the ruling:
Magistrate judge Netburn denies the SEC’s attorney-client privilege claims. The predominant purpose of the communications was not to provide legal advice. The documents must be produced.
XRPArmy is awaiting the regulator's next move, and it is anticipated that the US SEC will appeal against the decision.
The tussle between the regulator and payment giant Ripple was a massive hurdle now out of the way. Law experts and XRP Holders’ amici attorney John Deaton said that once the court issues an appeal-proof decision against the SEC, the agency must hand over documents to Ripple.
XRP price begins uptrend, 7% gains overnight
FXStreet analysts evaluated the XRP price trend and argued that the sideways price action and congestion could continue for weeks. While XRP price started its climb, on larger time frames, it becomes clear that there is room for the altcoin’s price to plummet.
If the XRP price breaches the critical level of $0.48, it will invalidate the bearish thesis. Analysts argue that bulls need to remain cautious and share key price targets in this video:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.