- 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.
$XRP / #BTC - #xrp #Ripple
— Rekt Capital (@rektcapital) April 15, 2022
XRP is now testing a long-standing macro downtrend dating to December 2020
Break the downtrend and a new uptrend will begin
Weekly Close above black should be enough to confirm a shift in macro trend#Crypto pic.twitter.com/SsXluyMTy5
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.