Aaryamann Shrivastava
FXStreet
- In agreement with Judge Netburn, Judge Torres overturned all three objections that SEC raised to reveal the documents.
- Hinman’s speech is crucial to the case as the former SEC boss publicly denied ETH being security.
- Production of Hinman’s speech will bring forth the double standards of SEC, making it easier for Ripple Labs to tip the case in their favor.
The SEC vs. Ripple Labs case has been one of the biggest stories stemming from the crypto market. However, the lawsuit filed by the Securities and Exchange Commission (SEC) is not only about to come to an end two years since its beginning but might also see Ripple Labs win it.
Ripple gets boost
Arguments from both sides have been valid but not enough to push the court towards making a decision. This changed during the early hours of September 30, now that Hinman’s speech has been included in the evidence.
As ordered by Judge Torres, documents from Hinman are now to be released by the SEC. The speech holds such importance because former SEC Finance Division director William Hinman noted in his speech that Ethereum was not a security. His exact words stated,
“Based on my understanding of the present state of Ether, the Ethereum network, and its decentralized structure, current offers and sales of Ether are not securities transactions.”
The speech made in June 2018, if found by the court respectable, could result in SEC losing the lawsuit, which has been made under the pretext of XRP being an unregistered security.
The SEC was quick at raising objections against this decision, but Judge Terries agreed with Judge Netburn and overturned all three objections, including Relevance, Attorney-Client privilege and DPP.
The case is now headed towards a summary judgment scheduled for December after both Ripple Labs and SEC filed motions for the same this month.
XRP enjoys the bullishness
Since the lawsuit took a turn in favor of the cryptocurrency, the price quickly shot up as well. On the 4-hour chart, XRP can be seen marking an 11.97% rise in the span of eight hours, inching closer towards a critical resistance at $0.58.
XRP USD 4-hour price chart
The altcoin now stands only 19.22% away from breaching it, which could be possible since the buying pressure is rising, as evinced by the Relative Strength Index (RSI).
XRP USD 24-hour price chart
Plus, on the higher time frame, XRP’s rise has also flipped the 200-day Simple Moving Average (SMA) into support. All in all, XRP and its investors are in a happy place, for now, thanks to the increasing anticipation.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Chainlink social dominance hits six-month peak as LINK extends gains
-637336005550289133_XtraSmall.jpg)
Chainlink social dominance surged to a six-month peak on Friday as LINK holders increased their activity. LINK traders started taking profits, on-chain data trackers show. LINK price added 6% on Friday, extending its gains from mid-week.
Binance helps Taiwan crack a virtual asset money laundering case, BNB sustains above $570
Binance’s Financial Crimes Compliance (FCC) department joined forces with Taiwan’s Ministry of Justice and helped resolve a case of money laundering worth NT$200 million, or $6.2 million.
Bitcoin Weekly Forecast: Is BTC out of the woods? Premium
Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.
XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa
Ripple hovers close to $0.51 on Friday, above the psychologically important $0.50 level, as traders await the court ruling of the lawsuit against the US Securities and Exchange Commission and amid new commitments from the firm to expand its services in Africa.
Bitcoin: Is BTC out of the woods? Premium
Bitcoin (BTC) price action in the past two days has confirmed the resumption of the bull run. However, BTC needs to clear a few key hurdles before investors can go all-in.