- Ripple attorneys filed a revised response to the SEC brief regarding privileged documents.
- Ripple's argument is that ex-SEC director William Hinman failed to represent the institution by offering personal opinions.
- Analysts have a bullish outlook on XRP, stating that price action hinges on the developments in the SEC v. Ripple case.
Ripple is making strides in the court proceedings of the Securities Exchange Commission (SEC) v. Ripple case. Proponents expect the outcome of the proceedings to favor Ripple, thus predicting a breakout in XRP price.
Ripple argues that the SEC has never deliberated about policy regarding digital assets
Ripple’s lawyers claim that there is no Deliberative Process Privilege (DPP) since there was no deliberation by the SEC. Based on Ripple’s revised response to the SEC’s brief, Judge Sarah Netburn is expected to review the allegedly privileged documents to rule whether they are “privileged” or not.
According to Ripple, former SEC director William Hinman’s personal opinions cannot be considered as SEC’s deliberation, therefore the documents are not privileged.
A week later, Ripple filed three additional documents, considered highly relevant to their defense. It is an email chain that concerns discussions with a third party that received guidance from the SEC to analyze its digital asset under the framework set forth in former director Hinman’s June 2018 speech.
This document could single-handedly prove that the speech was not a personal opinion, it was the SEC’s official policy on digital assets. This sets the foundation of the defendant’s (Ripple) win, according to experts.
Proponents in the crypto community consider that the entire ecosystem’s growth and future relies on the outcome of the case and Ripple’s win.
David Gokhshtein, founder of Gokhshtein media, commented on Ripple’s probable win recently,
Based on the developments in the SEC v. Ripple case, analysts’ outlook on XRP has turned bullish. Since Ripple is XRP’s largest public holder, the final outcome of the case is expected to have a significant impact on the altcoin’s price.
XRP continues to hold on to its yearly gains. FXStreet analysts have evaluated XRP price and predicted a bearish price target of $0.70. A bullish reversal is likely in response to further proceedings in the SEC’s case against global payment solutions giant Ripple.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.