Ripple vs. SEC Lawsuit: Ripple Tackles SEC’s Repetitive “Privileged Documents” Argument

29 September 2021 | Updated: 29 September 2021

In the latest development on the Ripple vs. SEC case, the former has signed a letter responding to the latter’s Brief regarding allegedly privileged documents, which the SEC redacted or withheld. 

The defendant argued against the Commission’s repetitive “privileged” stance to block discovery and review of evasive and responsive documents to the case. 

The case has recorded one of the most crucial pieces of information revealed by Ripple, which contained the plaintiff’s 2018 XRP analysis confirming that the SEC’s manifold versions of the privileged argument hold no water. The defendant revealed that an SEC division’s legal reports of XRP made their way to “certain individuals at the SEC,” a day before the controversial Hinman speech of 2018. 

Ripple also discredited the regulatory body’s logged privilege documents, particularly the XRP legal analysis under three claims. The defense threw out the attorney-client privilege argument by the SEC, arguing that the documents in question are not working documents and therefore are not entitled to work privilege. 

The defendant added that the original investigative file of the SEC did not contain these documents, arguing that the Commission wants to impose these documents. Ripple noted that the investigative documents are covered by the SEC’s categorical privilege log, which requires no further logging. 

Key Ripple Levels to Watch — September 29

XRP continues to struggle with gaining any substantial bullish headway as the sixth-largest cryptocurrency trades within a flat wedge. This trading pattern comes amid rapidly diminishing trading volume. We believe that the flat trading momentum recorded over the past few days comes due to the upcoming infrastructure bill, which has triggered a risk-averse outlook in traders, explaining the declining trading volume.

XRPUSD – 4-Hour Chart

Regardless, we expect bearish price moves to get repelled by the $0.9000 support area. On the other hand, a break above the $0.9500 resistance should reinstate some bullish confidence for traders. 

Meanwhile, our resistance levels are $0.9500, $1.0000, and 1.0500, and our support levels are $0.9000, $0.8800, and $0.8500.

Total Market Capitalization: $1.88 trillion

Ripple Market Capitalization: $43.3 billion

Ripple Dominance: 2.3%

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.