XRP remains in a tight range as uncertainty over the Ripple case keeps it below $0.35.
XRP has seen consecutive daily closes below the $0.35 price point as it remains in a tight range.
Recent happenings in the US Securities and Exchange Commission case against Ripple may be influencing investor sentiment. Though the case is at its tail end, it is still anyone’s guess in which direction it will go.
Yesterday, per the updated court schedule, both parties filed Omnibus motions to seal documents filed with summary judgment motions. The SEC’s filing has attracted significant interest and debate as it seeks to seal the Hinman documents.
Despite being denied 6 times in 18 months by two judges, the SEC continues to assert that attorney-client privileges protect the documents. Additionally, the regulator asserts that making the documents public record will deter staff from candidly debating policies. Furthermore, it alleges that the documents have no bearing on the court’s summary judgment decision.
William Hinman, in 2018, as the SEC’s Director of the Division of Corporation Finance, said Bitcoin and Ethereum are not securities. Understandably, Ripple’s attorneys sought to understand how Hinman arrived at this conclusion and why XRP was treated differently. However, they faced stiff resistance from the SEC, which desires that the deliberation process remains confidential.
Despite the claims from the SEC that the documents hold no relevance to the case, Ripple attorneys have claimed otherwise, a view that has only been strengthened since they got their hands on it in October. At the time, Ripple General Counsel Stuart Alderoty asserted that it was worth fighting for, expressing the view that it could tip the scales in their favor.
More than ever, Ripple supporters in the legal battle are curious to see what lies in these documents that the SEC is fighting so hard to keep out of public scrutiny. Pro-XRP attorney Jeremy Hogan said the latest SEC filing made him “recurious.”
XRP started the day at the $0.3471 price point. The asset briefly peaked above $0.3518 but is currently exchanging hands for $0.3492. It is up 0.68% in the last 24 hours. A ruling against the SEC’s latest effort to seal the Hinman documents could finally see it hold above $0.35 and chart a path back to $0.40.