XRP price tumbles after SEC scores important win in Ripple lawsuit
- XRP price took a hit as the SEC maintained its offensive attack against the payment giant.
- Presiding Judge Sarah Netburn denied Brad Garlinghouse's motion to compel the production of Estabrook notes.
- Analysts believe XRP price could plummet as the payment giant lands a blow from the regulator in the SEC vs. Ripple case.
XRP price could plummet in response to the SEC's win in a recent ruling by Judge Sarah Netburn. Ripple officials' motion to compel the production of Estabrook notes was denied by judge Netburn, negatively affecting holder's sentiments.
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Ripple price could plummet as SEC takes win
Ripple price could suffer a negative impact from the SEC's recent win in the SEC vs. Ripple case. Ripple's lawyers considered the production of Estabrook notes, from a meeting between former SEC commissioner Elad Roisman and Ripple CEO Brad Garlinghouse, as key to the payment giant's win in the lawsuit.
Judge Sarah Netburn denied Ripple's motion; therefore the notes remained privileged. This is a blow to Ripple's defense in the SEC's case against the payment giant, and investors are now holding back as a result of the change in sentiment.
Since Estabrook notes can no longer be accessed, it is a challenge to provide evidence of Ripple's executives' efforts to comply with the US securities’ law. The SEC cited privilege and refused access to the notes, landing a blow to the payment giant.
On April 20, Judge Netburn denied the production of the notes and said,
Estabrook's notes are no different from the notes the Court previously found to be protected by the privilege.
Analysts have evaluated the Ripple price trend and predicted a drop in the altcoin's price. @rektcapital, a crypto analyst and trader, observed that XRP price is testing a long-standing macro downtrend that dates back to December 2020. The analyst believes if XRP breaks the downtrend, a new uptrend could begin.
$XRP / #BTC - #xrp #Ripple
— Rekt Capital (@rektcapital) April 15, 2022
XRP is now testing a long-standing macro downtrend dating to December 2020
Break the downtrend and a new uptrend will begin
Weekly Close above black should be enough to confirm a shift in macro trend#Crypto pic.twitter.com/SsXluyMTy5
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.
