What to expect from XRP price after Ripple’s decisive win vs SEC in latest court ruling
- Judge Sarah Netburn denied the SEC’s motion to protect Hinman’s internal notes and emails under attorney-client privilege.
- After the regulator’s motion was denied, whether the SEC will avoid producing the documents remains to be seen.
- Analysts believe the XRP price rally could continue if the altcoin crosses the $0.48 level.
Judge Sarah Netburn ruled against the SEC’s motion to protect the William Hinman documents. This is considered a decisive win in the latest SEC v. Ripple ruling. Analysts believe the XRP price could continue its uptrend if it crosses the $0.48 level.
Also read: SEC v. Ripple: Defendants and regulator in conflict over expert reports
Judge Netburn denied SEC the motion to keep Hinman documents protected
While investors continue to weigh in on the US inflation data and the tightening of the Federal Reserve’s monetary policy, the XRP price broke into an uptrend. Experts believe another spike in US inflation could negatively influence the XRP price.
Defence attorney James Filan recently shared a court ruling on the SEC’s motion to protect William Hinman’s speech and related documents, protected under client-attorney privilege. Proponents consider Judge Sarah Netburn’s ruling a victory for XRP holders.
To quote the ruling:
Magistrate judge Netburn denies the SEC’s attorney-client privilege claims. The predominant purpose of the communications was not to provide legal advice. The documents must be produced.
XRPArmy is awaiting the regulator's next move, and it is anticipated that the US SEC will appeal against the decision.
The tussle between the regulator and payment giant Ripple was a massive hurdle now out of the way. Law experts and XRP Holders’ amici attorney John Deaton said that once the court issues an appeal-proof decision against the SEC, the agency must hand over documents to Ripple.
XRP price begins uptrend, 7% gains overnight
FXStreet analysts evaluated the XRP price trend and argued that the sideways price action and congestion could continue for weeks. While XRP price started its climb, on larger time frames, it becomes clear that there is room for the altcoin’s price to plummet.
If the XRP price breaches the critical level of $0.48, it will invalidate the bearish thesis. Analysts argue that bulls need to remain cautious and share key price targets in this video:
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.
