- The SEC on June 15 filed a request to seal testimony from an expert witness and quashed Ripple's move to file a brief regarding opinions of experts.
- US regulatory authority claimed Ripple’s assertion the information was confidential was not legally valid justification for non-disclosure.
- Analysts predicted a recovery in XRP price as the selling pressure on the altcoin reduced.
UPDATE: Ripple community is awaiting the next step in the court lawsuit that has the payment giant facing the US Securities & Exchange Commission. The SEC filed a request to prevent Ripple Labs from sealing the potential sensitive documents judicially known as "Exhibit 0", and the ball now is on the judge's side. In the meantime, XRP price has stabilized above the key $0.30 psychological mark, where it seems to have found an interim bottom. After 14 months of a consistent downtrend, it is still way too early to tell if this level will hold and allow XRP bulls to create a swing low and target higher levels, which will be highly dependent on the resolution of the court battle between Ripple and the US regulator.
This $XRP chart aged well. Each support break was a superb short opportunity.#XRP #Ripple pic.twitter.com/N1eE4el0TF— THE ALTCOIN BUFF (@ALTCOINBUFF) June 21, 2022
In the latest twist-and-turn of the SEC vs. Ripple case, the US Securities and Exchange Commission has hit back at Ripple's move to file a brief on opinions of an SEC expert. The court had a firm position to allow the sealing of SEC Ripple documents and the document in question "Exhibit O" is considered unquestionably a judicial document.
SEC vs. Ripple: Regulator opposes move by six XRP investors
The XRP community is awaiting a court ruling on whether emails used by William Hinman, Former Director of the Securities and Exchange Commission's Division of Corporation Finance’s speech can be used in evidence, and the latest development in the case is a move by six XRP investors to file a brief on opinion of SEC experts. Ripple's counsel are keen on protecting their business partners and want to keep the document under wraps. Ripple argues that the document is confidential under Protective Order narrative however, the court is unlikely to permit the sealing of a document merely because the information contained in it is subject to a stipulated protective order.
What’s more, in previous updates on the SEC vs. Ripple case, the regulator has filed a letter to seal a portion of an exhibit to the defendant’s lawyers filings regarding insufficiency of the regulator's response. This new update in the SEC’s case against Ripple reveals how much the regulator has kept under wraps and how the community will have to wait longer for a ruling on Hinman documents.
The SEC vs. Ripple case is far from over as the regulator condemns the move by XRP investors and calls the payment giant's motives into question. The US SEC has therefore slammed Ripple's move.
XRP price begins recovery, starts an uptrend
XRP price made a comeback above $0.31, heading to the first major resistance level at $0.33. Bob Mason, a leading crypto analyst believes Ripple price needs broad crypto market support to break past the resistance, into an extended rally where $0.35 level comes into play, and $0.38 follows closely after.
FXStreet analysts argue XRP price won’t remain stagnant for long. Analysts believe XRP price is recovering with a spike in demand. The upside for XRP is capped at $0.38. For more information, watch this video:
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