Ripple pushes SEC up the wall on court proceedings while analysts turn bullish on XRP
- 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,
Ripple winning would bring clarity to the entire #crypto industry, but we probably shouldn’t talk about that, right?$XRP
— David Gokhshtein (@davidgokhshtein) September 30, 2021
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.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
