Ripple Scores Another Victory Against SEC as Judge Denies Protection of Hinman Speech

Updated:

Ripple Labs has scored another victory, one of its most significant wins so far, against the US Securities and Exchange Commission (SEC) in its ongoing lawsuit. The presiding judge on the case denied the Commission’s decision to protect important material relating to the lawsuit.

Ripple community lawyers have called the latest development “a very big win” for the payments company, noting that it could lead to an out-of-court settlement.

Magistrate Judge Sarah Netburn turned down the SEC’s request to protect some documents related to a speech made by former SEC Director William Hinman in 2018. In the said speech, Hinman clearly stated that Ethereum (ETH) and Bitcoin (BTC).

Originally, the regulatory watchdog did not oppose the claim that the documents in question fell outside the deliberative process privilege (DPP) covering, as it argued that the documents only contained Hinman’s personal opinions and not SEC policies.

However, the Commission later made a U-turn on the matter, arguing that the speech reflected Ripple’s policies and not the former staff’s personal opinions and should be protected under DPP.

That said, Judge Netburn cautioned the SEC not to contradict itself, noting:

“The SEC seeks to have it both ways, but the speech was either intended to reflect agency policy or it was not. Having insisted that it reflected Hinman’s personal views, the SEC cannot now reject its own position.”

Key Ripple Levels to Watch — April 13

Ripple (XRP) has recorded a steady decline over the past two weeks and has remained in this trajectory regardless of the occasional bullish momentum recorded in the broader market.

Studio Project 49
XRPUSD – 4-Hour Chart on Bitfinex. Source: TradingView.

That said, the cryptocurrency appears to have seen a bearish slow down over the past 24 hours, after touching the $0.6800 support on Monday, its lowest point since February 24, highlighting the dire situation. Furthermore, XRP currently trades within a bearish wedge, with the cap for any near-term bullish attempt at $0.7350, building a stronger case for the bears in the near term.

Meanwhile, my resistance levels are $0.7300, $0.7500, and $0.8000, and my support levels are $0.7000, $0.6800, and $0.6500.

Total Market Capitalization: $1.88 trillion

Ripple Market Capitalization: $34.4 billion

Ripple Dominance: 1.83%

Market Rank: #6

 

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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.