• XRP price took a hit as the SEC maintained its offensive attack against the payment giant. 
  • Presiding Judge Sarah Netburn denied Brad Garlinghouse's motion to compel the production of Estabrook notes. 
  • Analysts believe XRP price could plummet as the payment giant lands a blow from the regulator in the SEC vs. Ripple case. 

XRP price could plummet in response to the SEC's win in a recent ruling by Judge Sarah Netburn. Ripple officials' motion to compel the production of Estabrook notes was denied by judge Netburn, negatively affecting holder's sentiments. 

Also read: TELL Stock News: Tellurian declines despite American LNG industry heating up

Ripple price could plummet as SEC takes win

Ripple price could suffer a negative impact from the SEC's recent win in the SEC vs. Ripple case. Ripple's lawyers considered the production of Estabrook notes, from a meeting between former SEC commissioner Elad Roisman and Ripple CEO Brad Garlinghouse, as key to the payment giant's win in the lawsuit. 

Judge Sarah Netburn denied Ripple's motion; therefore the notes remained privileged. This is a blow to Ripple's defense in the SEC's case against the payment giant, and investors are now holding back as a result of the change in sentiment. 

Since Estabrook notes can no longer be accessed, it is a challenge to provide evidence of Ripple's executives' efforts to comply with the US securities’ law. The SEC cited privilege and refused access to the notes, landing a blow to the payment giant. 

On April 20, Judge Netburn denied the production of the notes and said,

Estabrook's notes are no different from the notes the Court previously found to be protected by the privilege.

Analysts have evaluated the Ripple price trend and predicted a drop in the altcoin's price. @rektcapital, a crypto analyst and trader, observed that XRP price is testing a long-standing macro downtrend that dates back to December 2020. The analyst believes if XRP breaks the downtrend, a new uptrend could begin. 

 


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

Ripple's XRP set sights on $1.100 following renewed investor interest

Ripple's XRP set sights on $1.100 following renewed investor interest

Ripple's XRP rallied nearly 20% on Tuesday, defying the correction seen in Bitcoin and Ethereum as investors seem to be flocking toward the remittance-based token. 

More Ripple News
Dogecoin Price Prediction: Could DOGE ETF spark new all-time high after 130% rise?

Dogecoin Price Prediction: Could DOGE ETF spark new all-time high after 130% rise?

Dogecoin rose over 15% on Tuesday as traders anticipate a price move toward the $1 threshold following Bloomberg analyst Eric Balchunas's post regarding a DOGE exchange-traded fund.

More Dogecoin News
Hedera's HBAR rallies nearly 20% as Canary Capital files for HBAR ETF

Hedera's HBAR rallies nearly 20% as Canary Capital files for HBAR ETF

Hedera's HBAR is up nearly 20% on Tuesday as Canary Capital submitted an S-1 registration to the US Securities & Exchange Commission for an HBAR exchange-traded fund.

More Hedera News
Ethereum Price Forecast: ETH down despite hype from Beam Chain unveil

Ethereum Price Forecast: ETH down despite hype from Beam Chain unveil

Ethereum is down 1% on Tuesday despite developer Justin Drake proposing the Beam Chain, a new consensus layer that aims to ship a series of changes that will fast-track the Main chain's roadmap to faster block times and quantum resistance.

More Ethereum News
Bitcoin: Further upside likely after hitting new all-time high

Bitcoin: Further upside likely after hitting new all-time high

Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.

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