Ripple vs. SEC: Amici Curiae Comes Into Focus as SEC Fights to Hide Sensitive Information

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Ripple (XRP) traded at the mercy of the broader market sentiment over the past few days amid the unavailability of updates from the ongoing US Securities and Exchange Commission (SEC) vs. Ripple case.

Since last Thursday, the Ripple community has availed a court order ruling on recent claims by the SEC that all controversial Hinman speech-related documents fall under attorney-client privilege.

That said, the Amici Curiae has come back into focus following the regulatory watchdog filings last week. Expanding on the matter, Ripple defense attorney James Filan revealed some updates on the ongoing case via Twitter yesterday. He noted:

“The Defendants (Ripple) requested that its response to the SEC’s opposition to the amici motion be filed publicly. Judge Torres is giving the SEC a chance to propose its own redactions to the Defendants’ response by June 23.”

The defense attorney added:

“Judge Torres is saying that before she lets the Defendants file a response publicly, the SEC gets a chance to say if there is something in the response that should not be public and why. She wants to see what the SEC wants redacted and then rule on everything at the same time.”

The Amici Curiae filing has become another stumbling block for the SEC as it fights to save face. Last month, the Commission filed a motion for extension to allow it to oppose the Amici Curiae counsel letter, requesting to take part in a briefing relating to the expert challenge.

The Amici Curiae counsel, John Deaton, explained: “Deaton represents 67k ACTUAL XRP HOLDERS and wants to present what they were ACTUALLY thinking.”

Key Ripple Levels to Watch — June 22

Despite all the “noise” in the crypto market, XRP has managed to remain stable within the $0.3500 – $0.3000 price range as the Ripple community focuses on developments from the ongoing lawsuit with the SEC.

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

That said, I do not expect any erratic moves in the near term for this cryptocurrency. However, we could see a mild push towards the $0.3500 top again, considering the marketwide bullish pullback currently happening, where a fall to $0.3000 should ensue.

Meanwhile, my resistance levels are $0.3500, $0.4000, and $0.4400, and my support levels are $0.3000, $0.2500, and $0.2000.

Total Market Capitalization: $893.4 billion

Ripple Market Capitalization: $15.4 billion

Ripple Dominance: 1.73%

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.