XRP Lawsuit: Court Sets June 7 Conference For Attorney-Client Privilege Claims

June 1, 2022 1:56 pm Comments

Defense attorney James Filan just announced that the court has set the date of June 7 to discuss the SEC’s claim that the Hinman documents are protected by the attorney client privilege.

There was much debate about the SEC’s use of this privilege and the Ripple legal team had taken some time to write a response to that claim.

In that response, Ripple stated that the SEC did not have the right to even use this privilege in the first place as only William Hinman himself could asset that privilege in court.

Additionally, the Ripple team had stated that the contents within the documents did not constitute information that would be considered confidential information that an attorney shares with a client.

Therefore, on this June 7th date that was just announced, this debate will hopefully be settled once and for all which will largely determine the potential timeline for the remainder of the lawsuit.

FXEmpire reports:

Taking to Twitter, Filan said,

“BREAKING: Conference scheduled for Tuesday, June 07, 2022, at 3:00 p.m. to discuss the SEC’s renewed assertion of the attorney-client privilege as to internal documents related to Hinman’s June 14, 2018 speech.”

According to a letter from Judge Sarah Netburn, SEC and Ripple Lab legal teams are to attend in person. Judge Netburn did not provide any dial-in details for the June 7 conference.

With the courts having previously ruled twice in favor of Ripple Lab, any ruling in favor of Ripple Lab will likely result in more motions from the SEC to contest the court’s decision.

However, we can expect plenty of XRP sensitivity to updates from the June 7 conference.

Based on the previous history of court rulings, it is clear that Ripple has always been the favored winner in these court decisions as this was what happened in the previous two rulings.

However, many investors expect the SEC to continue to object to the court rulings which will likely continue to delay the case further.

Current optimistic timelines point that the end of the year may be a possible time to reach a conclusion, but it all depends on what happens on the June 7 date.

Currently, XRP has been on a bearish trend in correlation to the broader crypto markets, but is also being setup for a potential bullish rally with recent news being a catalyst.

Yahoo reports:

XRP will need to move through the $0.4201 pivot to target the First Major Resistance Level at $0.4340. XRP would need broader crypto market support to break out from Tuesday’s high of $0.4329.

In the event of an extended rally, XRP should test the Second Major Resistance Level at $0.4467 and resistance at $0.45. The Third Major Resistance Level sits at $0.4733.

Failure to move through the pivot at $0.4201 would bring the First Major Support Level at $0.4074 into play.

The EMAs and the 4-hourly candlestick chart (below) send a bearish signal. At the time of writing, XRP sits below the 100-day EMA, currently at $0.4219.

This morning, the 50-day EMA narrowed to the 100-day EMA. The 100-day EMA flattened on the 200-day EMA, XRP positive.

A move through the 100-day EMA would support a run at $0.45.

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