Ripple Labs and the United States Securities and Exchange Commission (SEC) have reportedly come to an “understanding” on the Hinman deposition. Both parties have agreed to postpone the former SEC executive’s testimony after achieving “substantial progress in narrowing and resolving the privilege issues.”
Previously, the court handling the Ripple vs. SEC case gave both parties till July 19 to reach an “understanding.” The deposition will now hold on July 27.
According to a joint letter on the matter submitted to US Magistrate Judge Sarah Netburn, the parties have seen “significant progress” deliberating the claims and objectives of privilege that could apply to the former executive’s testimony.
The court’s intervention will have the final take after the testimony gets put forward and what comes out of it. That said, Ripple and the regulatory agency have agreed to “reserve” their respective rights to request further guidance from the court ahead of the deposition.
Nonetheless, this is only the first round of discussions, and the real thing comes after Hinman’s testimony. While many XRP enthusiasts continue to back Ripple and the defendants, many are very skeptical about the intentions of the SEC.
Key Ripple Levels to Watch — July 21
Ripple (XRP) continues to struggle to make meaningful bullish moves as bears dominate the market. The seventh-largest cryptocurrency recently suffered a crushing blow below the $0.5500 support following a broader crypto market crash.
At press time, XRP is battling the $0.5500 level, which, if broken, could help it reclaim the $0.6000 psychological level. However, it is unlikely that bears have had enough with the market, and more drops are likely in the coming days.
Meanwhile, our resistance levels are $0.6000, $0.6200, and $0.6500, and our support levels are $0.5500, $0.5200, and $0.5000.
Total Market Capitalization: $1.26 trillion
Ripple Market Capitalization: $25.3 billion
Ripple Dominance: 2%
Market Rank: #7
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