XRP Lawsuit: SEC Files Another Extension In Ripple Case

April 18, 2022 10:16 am Comments

Last week was the most positive week for Ripple which has solidified Ripple’s strong position against the SEC in the ongoing lawsuit which has lasted for over a year.

The SEC was ordered by the court to produce Hinman documents which many speculators believe that the SEC would rather settle the case instead of revealing them.

In response to the new updates last week, the SEC has decided to submit another extension request to the court where the committee is saying they will be requesting more time in order to file an objection to Judge Netburn’s ruling.

Essentially, the SEC is responding to the recent order from the court with an objection which means that the objection will have to be reviewed again.

Nothing is expected to change for both parties except that the legal proceedings will likely get dragged out once again.

FXEmpire reports:

Filan went on further by tweeting,

“The SEC says that the defendants are prepared to proceed to summary judgment without a ruling on the Hinman emails and documents.”

For the SEC, the Hinman emails and documents are a concern, and the latest extension request illustrates how important it will be for the SEC to exclude some or all of the content from the court.

The SEC is requesting an extension of the deadline to file an objection to Judge Netburn Opinion Orders dated January 13, 2022, and April 11, 2022. It is a second extension request for the January 13 Opinion Order.

On April 11, Judge Sarah Netburn denied a motion for the courts to reconsider a ruling relating to a famous 2018 Hinman speech. Hinman said that Bitcoin (BTC) and Ethereum (ETH) are not securities.

Filan reports that the letter that was submitted by the SEC indicates that it does not seek to take additional discovery.

Of course, most investors following the case had most likely expected that this would be the action that the SEC would take.

After all, extension requests made by the SEC have already been done multiple times and Ripple has already criticized the SEC for using such ‘delay tactics’.

As a result of this, the price of XRP so far appears to be consolidating around the 75 cents mark with likely potential to break to the upside once the case finally progresses.

Yahoo reports:

At the time of writing, XRP was up 0.07% to $0.78264. A range-bound start to the day follows a choppy Saturday session.

On Saturday, XRP tested resistance at $0.80 with a day high of $0.79958 before sliding to a day low of $0.76748. Support from the broader crypto market limited losses on the day to just 0.49%.

The EMAs and the 4-hourly candlestick chart (below) send a bullish signal. Following Friday’s breakout, XRP sits above the 200-day EMA at $0.78128.

This morning, the 50-day EMA narrowed to the 100-day EMA. The 100-day EMA narrowed marginally to the 200-day EMA, providing support.

A further narrowing of the 50-day EMA on the 100-day EMA would bring $0.80 into play.

The next steps now in the case is for the court to review the extension request submitted by the SEC as well as the likely objection to Judge Netburn’s recent ruling.

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