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What to expect from XRP price as Ripple gets back in court with the SEC

  • Ripple price has recovered to $0.44, in time for the payment giant's day in court, defending against the SEC's allegations. 
  • Ripple defendants will respond to the Securities & Exchange Commission's brief on documents protected by attorney-client privilege. 
  • Jason Foster, the Founder and President of Empower Oversight, has retrieved the emails that the regulator currently protects. 

XRP price has recouped losses from the pullback on May 11 as the payment giant prepares for its SEC v. Ripple court date on May 13, 2022. XRP proponents have retrieved and shared William Hinman's emails that the SEC sought to protect. 

XRP price recoups losses before SEC v. Ripple proceedings in court

XRP witnessed a mass sell-off earlier this week in the crypto bloodbath that hit Bitcoin and altcoins. XRP price wiped out 19% gains on Wednesday before making a complete recovery ahead of payment giant Ripple's day in court with the Securities & Exchange Commission (SEC). 

The SEC has filed a brief to protect the emails of former Director of Division of Corporate Finance William Hinman. Empower Oversight, a nonprofit of whistleblowers and researchers, claimed that Hinman failed to follow the instructions that the SEC's ethics office gave him. The Ethics office had instructed Hinman to avoid conflicts tied to his financial interests in Simpson Thacher, including the firm's connection to the Enterprise Ethereum Alliance, or EEA. 

The emails have now surfaced and are being circulated on crypto Twitter. John Deaton, an attorney and an XRP proponent, shared the details in a recent tweet:

Interestingly, the nonprofit organization Empower Oversight requested the SEC-OIG to conduct an investigation into the failure of the Ethic's office to prevent cryptocurrency conflicts of interest in senior staff. 

The Hinman emails and the speech are considered key to the SEC's case against XRP since the former SEC director was of the opinion that Ethereum is not a security and therefore not subject to the same regulatory standards whilst at the same time having a vested financial interest in them. This raises questions about the SEC's claims that XRP, an altcoin, is a security. 

In court today Ripple's lawyers will respond to the SEC's brief on documents (William Hinman's emails) protected by the attorney-client privilege. 

XRP has wiped out its losses and posted 20.6% gains today. Kevin Cage, a crypto analyst and trader evaluated the XRP price trend and set a bullish target of $0.86 followed by $1.32 and $1.70 for the altcoin's price. Cage compared the current trend to March 2020 and December 2020, when a pullback to $0.11 and $0.17 was followed by a 1,000% climb in price. 

XRP/USD Chart

XRP/USD Chart

Author

Ekta Mourya

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.

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