Ripple 2022 Price Analysis: Court Orders SEC to Release Hinman’s Ethereum Speech

Updated:

A slight frenzy erupted in the Ripple (XRP) community today as the payments company secured another small victory in the ongoing SEC vs. Ripple lawsuit, as the judge on the case ordered the Commission to release some privileged documents very critical to the case.

Magistrate Judge Sarah Netburn recently ruled that the US Securities and Exchange Commission has to surrender emails containing the agency’s former director of corporate finance William Hinman’s speech on Ethereum. Ripple supporters believe that the former SEC official’s speech is critical to ascertain if the SEC provided fair notice to the payments company.

However, the SEC has since argued that Ripple Labs, traders, and investors were aware of the cryptocurrency’s status as security since 2013. Regardless, Hinman’s speech reveals a slew of loopholes in the agency’s argument against the payment company.

Since December 2020, Ripple Labs Executives have come under legal scrutiny for selling unregistered security, which allegedly violated the federal securities law. However, after over a year of back and forth, the court has finally ordered the SEC to release the critical Hinman speech. Community members jubilated after the ruling as the company secured yet another win in the lawsuit.

That said, inside sources claim that expert discovery could be delayed to February 28, 2022.

Annual Forecast for Ripple (2022)

After peaking at $1.9637 in April, followed by the May – June market slump, XRP has battled in futility to return to its previous highs but cannot get past the $1.3250 barrier. Many analysts have opined that the weakness in the XRP comes as a result of the lingering lawsuit with the SEC.

XRPUSD – Weekly Chart on Bitfinex. Source: TradingView

That said, we can rest assured that a conclusion of the case could reinstate the cryptocurrency’s previous bullish bias. This bullish projection becomes more interesting when we realize that the lawsuit has, so far, proceeded in the favor of Ripple and could close with the defendant winning the case. This outcome could push the eight-largest cryptocurrency to the $3 mark in 2022 and possibly higher.

XRP currently trades along the long-prevailing ascending trendline as bullish sentiment returns to the broader crypto market, following a slow start to 2022.

Meanwhile, my resistance levels are $0.8000, $0.8250, and $0.8500, and my support levels are $0.7500, $0.7300, and $0.7000.

Total Market Capitalization: $2.04 trillion

Ripple Market Capitalization: $36.7 billion

Ripple Dominance: 1.81%

Market Rank: #8

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.