XRP price trapped as the SEC files against disclosing the Hinman speech


  • XRP price sideways action is in jeopardy after rejection from $0.40.
  • The SEC is adamant about releasing the contents of the Hinman speech despite Judge Netburn’s ruling.
  • XRP price may seek refuge at $0.36 if support formed by the 50-day SMA and 200-day SMA crumbles.

XRP price sustains its uptrend after tapping three significant higher lows following solid support around $0.31 in mid-July. The international money transfer token touched $0.40 on the upside but has since been forced to retreat – perhaps in a bid to collect more liquidity.

At the time of writing, XRP price moves laterally within the confines of rock at $0.38 and a hard surface at $0.36. A breakout from either side of this range would determine where XRP price heads in the near term.

Is the SEC playing tactics against Ripple?

The SEC vs. Ripple lawsuit continues to drag on, but attention has shifted back to the Hinman speech. The Securities and Exchange Commission (SEC) is reported to have filed an objection to Magistrate Judge Netburn’s ruling directing the regulator to hand over previous drafts of the speech.

The drafts relate to a speech made by the Former Director of Corporation Finance at the SEC, William Hinman, back in 2018 in which he appeared to suggest cryptos should not be classified as securities.

One of the claims made by the SEC is that the documents sought by Ripple have no relevance to the case.  Speech drafts “are not relevant to any claim or defense in this case” and, even if they were, these documents “are protected by the deliberative process privilege. In addition, SEC's lawyers are arguing that the speech documents are “predecisional” as they reflect personal opinions from SEC staff rather than the policy of the agency.

Ripple lawyers are expected to fight back against the objections. A win for Ripple in this lawsuit will positively impact XRP price, which is expected to revisit its all-time high of $3.40 for the first time since January 2018.

XRP price is teetering at $0.37 while holding firmly to confluence support formed by the 50-day Simple Moving Average (SMA) and the 200-day SMA. Odds seem to be playing out against the cross-border money remittance token, considering the Stochastic Oscillator’s negative divergence from the price.

xrp price

XRP/USD daily chart

Despit its bullish potential, traders will likely continue shorting XRP price due to the lack of enough upside momentum. A break below the ascending trend line will validate the XRP price pessimistic outlook. Key targets on the downside are $0.36 and $0.34, respectively.

Nevertheless, it is essential to expand the XRP price technical scope to $0.40, and $0.46 in the event buyers return and reclaim the resistance level at $0.38. Such a move would see traders generally shift their focus to higher levels at $0.40 and $0.46.


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


Recommended Content

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high

Bitcoin and Ethereum are approaching their key support levels, and a sustained close below these marks could lead to further declines. 

More Cryptocurrencies News
TON set to launch synthetic Bitcoin to boost its DeFi solutions

TON set to launch synthetic Bitcoin to boost its DeFi solutions

TON revealed its plan on Thursday to launch a synthetic Bitcoin token on its blockchain, allowing users to trade, stake, and earn yield using BTC. Following the announcement, TON is down over 3%.

More Ton News
Maker Price Forecast: MKR could stage 40% rally

Maker Price Forecast: MKR could stage 40% rally

MakerDAO is up 2% on Thursday and could be set for a 40% rise in the coming weeks if it successfully maintains an extended move above the descending trendline of a falling wedge. On-chain data also supports the bullish outlook after a four-month-long decline.

More MakerDAO News
USDT market cap crosses $120 billion as stablecoins continue their uptrend

USDT market cap crosses $120 billion as stablecoins continue their uptrend

The stablecoin market cap continued its uptrend in October, characterized by USDT reaching a $120 billion market cap, according to a CCData report on Thursday. This indicates that investors are preparing liquidity to fuel more demand.

More USDT News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP