Ripple Lawsuit: XRP Rebounds By 20% As Ripple’s Answer Is Expected Today

By Kevin • May 13, 2022 6:19 pm • Comments

Despite the overall market slump within the crypto industry is continuing to persist, XRP has recorded to have some bullish momentum at least in the past 24 hours.

According to CoinMarketCap, the price of XRP has so far rebounded by around 20% as people are expecting Ripple to respond to the SEC today in court.

XRP support was established around $0.33 and then quickly rebounded back to $0.46 indicating that the price range is a massive buying opportunity for those who see the long-term value of Ripple.

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Technical analysis also indicates that the digital asset is now in an oversold level according to the RSI and that a strong break to the bearish momentum is high expected at this point.

U.today reports:

According to defense lawyer James K. Filan, the Ripple defendants’ response to the SEC’s brief asserting that the Hinman documents are protected by attorney-client privilege is due today, Friday, the 13th.

Earlier in the lawsuit, the SEC had gone ahead to make new privilege assertions in its continued efforts to avoid the release of emails related to the 2018 Ethereum speech of William Hinman, the former director of the SEC’s Division of Corporate Finance.

Ripple defendants then sought additional time to file their response to the SEC’s renewed assertions over the former SEC official’s emails, which are due today.

In a persistent bid to prevent the emails from being disclosed, the SEC continues to claim that the documents were protected by attorney-client privilege, stating “that the last year of briefings, oral argument, the Court’s decisions, and their motion for reconsideration, were all an academic exercise because it turns out that the documents (every single one of them) are privileged attorney-client communications.”

Although there is much conviction from Ripple’s side and the defense lawyers to get all the Hinman documents revealed, Ripple has also shown willingness in the past to proceed to summary judgement even without the documents.

This is because Ripple’s aim is to accelerate the close of the lawsuit as soon as possible given that they are confident that they will win the case even without the Hinman evidence.

After all, the case will soon be approaching the two year mark and Ripple’s operations have already gone on to be extremely successful even with the US market as Ripple’s platform continues to grow internationally.

James Filan has shared that the next important day for the court is May 18 which is the day that the SEC has to respond to Ripple’s reply.

U.today concludes:

However, Ripple defendants suggest a willingness to proceed to summary judgment without a definitive ruling on the issue.

Other key dates as shared earlier by James K. Filan pertain to the SEC’s response to the Ripple defendants’ reply, which is expected to come within the next five days, latest May 18.

Last month, Judge Analisa Torres modified the briefing schedule for Ripple and the SEC, ordering that all motions excluding expert testimony be fully briefed by the end of August.

Any motions for summary judgment must be filed by September 2022. Likewise, motions for summary judgment must be fully briefed by Nov. 15. These dates remain crucial as the lawsuit progresses.

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