• Judge Sarah Netburn has given Ripple the green light for the deposition of former SEC official Willian Hinman.
  • The agency previously tried to quash the deposition, stating that the blockchain firm failed to justify the move.
  • Hinman’s speech on Ethereum in 2018 has taken the spotlight in the $1.3 billion lawsuit. 

Ripple has scored another victory in its battle with the United States Securities & Exchange Commission (SEC) over the latter's $1.3 billion lawsuit. 

SEC motion to quash Hinman deposition denied

A recent ruling by the US District Court Judge Sarah Netburn denied the SEC’s motion to quash a deposition of a former agency official. 

Ripple Labs sought to question former SEC director William Hinman through a deposition originally scheduled for June 30. However, the securities regulator has sought to block Hinman from testifying, stating that the blockchain firm has failed to argue the “exceptional circumstances” required to justify the deposition.

The cross-border remittances firm believes that the deposition could help bolster its defense with Hinman’s statements on the agency’s stance on Bitcoin, Ethereum and XRP. 

According to Ripple, Hinman could provide “a critical window into the SEC’s communications with important third parties about the regulatory status of digital assets.”

In 2018, the former SEC official stated that Ethereum is not a security. Hinman’s ruling on ETH at the time was controversial, and he left the agency shortly after.

Moving forward, the blockchain firm would continue to convince the court that XRP should have a similar regulatory status as Bitcoin and Ether. Judge Netburn called Hinman’s speech on Ethereum three years ago “the central question” of the hearing.

The SEC responded in the hearing that Hinman was only speaking from his point of view, not representing the agency. However, the securities regulator admitted that the financial watchdog’s staff was involved in drafting the speech.

The judge ruled that the former SEC official must sit for the deposition following the agency and Ripple’s agreement on the scope. The blockchain firm’s fight with the regulator is still far from over.

XRP price strength diminished by prolonged consolidation

XRP price continues to be overpowered by the bears, as Ripple continues to consolidate within a declining technical pattern on the 12-hour chart.

While the 78.6% Fibonacci retracement level continues to act as support for XRP price, Ripple is unable to gain upward momentum with diminished interest seen from the declining volume.

XRP price strength diminishes

XRP/USDT 12-hour chart

XRP price is locked below the 20 twelve-hour Simple Moving Average (SMA), struggling to reach a higher target if Ripple continues to trade below it.

While the prevailing direction given by the technical pattern is sideways, XRP price is vulnerable to a further drop toward the demand zone that ranges from $0.50 to $0.55 if selling pressure rises. 

 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Toncoin eyes recovery following Bitfinex debut of tokenized Gold via TON

Toncoin eyes recovery following Bitfinex debut of tokenized Gold via TON

Toncoin extends recovery as bulls push to reclaim the 50-period EMA on the 4-hour time frame. Bitfinex announced on Tuesday the launch of tokenized Gold supported via The Open Network.

Crypto Today: Bitcoin holds below $109,000 as Ethereum, XRP offer recovery signals ahead of FOMC minutes 

Crypto Today: Bitcoin holds below $109,000 as Ethereum, XRP offer recovery signals ahead of FOMC minutes 

Bitcoin shows signs of weakness, capped below $109,000, as focus shifts to the FOMC minutes release. Ethereum's lukewarm rebound steps above $2,600, underpinned by steady spot ETF inflows.

Elon Musk's tweet on Epstein and GrokAI’s hallucination puts the spotlight on PNUT,  MechaHitler

Elon Musk's tweet on Epstein and GrokAI’s hallucination puts the spotlight on PNUT,  MechaHitler

PNUT stalls Tuesday's recovery, sparked by Elon Musk’s tweet about the Jeffrey Epstein case. X’s GrokAI referenced MechaHitler, resulting in a new trend in the crypto market with the creation of over 250 MechaHitler tokens.

Bitcoin Price Forecast: BTC steady around $108,000 as investors await FOMC minutes for Fed rate clues

Bitcoin Price Forecast: BTC steady around $108,000 as investors await FOMC minutes for Fed rate clues

Bitcoin price holds steady at around $108,000 on Wednesday, maintaining support at a key technical level. Investors' attention shifts to the FOMC meeting minutes, as it offers insights into the Fed’s interest rate path prospects.

Bitcoin: BTC ends Q2 with 30% gains, Standard Chartered eyes $200K by year-end

Bitcoin: BTC ends Q2 with 30% gains, Standard Chartered eyes $200K by year-end

Bitcoin (BTC) closed a strong second quarter (Q2), recording nearly 30% in quarterly gains amid rising corporate and institutional demand and bullish market sentiment.

The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

BTC

ETH

XRP