XRP Struggles and Down by 9% as SEC v Ripple Case Heats Up

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XRP lost 9% on Saturday as investor sentiment remained cautious amid the ongoing SEC v Ripple case.

The case took center stage on Tuesday, as both parties filed their oppositions to the Omnibus Motions to seal certain summary judgment materials. The SEC argued that some of the documents contain sensitive information that could harm third parties or reveal confidential deliberations. Ripple countered that the SEC failed to meet the high burden of proof required to justify sealing and that the public interest outweighs any privacy concerns.

Investors are eagerly awaiting the Court’s ruling on the motions, as well as on the Daubert Motions that are due by January 13. The Daubert Motions challenge the admissibility of expert testimony and evidence in the case. Ripple has filed a Daubert Motion to exclude the testimony of the SEC’s expert witness, Professor Susan Athey, who opined that XRP has no utility apart from being an investment contract.

Another key ruling that could influence the outcome of the case is related to the William Hinman speech-related documents. The SEC is trying to prevent the disclosure of certain internal communications that preceded Hinman’s 2018 speech, where he stated that Bitcoin and Ethereum are not securities. Ripple claims that these documents could show that the SEC did not have a clear position on XRP’s status and that Hinman had a conflict of interest due to his ties with an Ethereum-related entity.

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The technical indicators are bullish for XRP, as it remains above the 50-day EMA and the First Major Support Level at $0.3682. A break above $0.40 could trigger a rally towards $0.45 and beyond, as XRP recovers from its recent lows. However, a negative ruling or a surge in the US dollar could drag XRP back below $0.35 and test the Second Major Support Level at $0.3142.

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About Camelia Bhattacharyya 210 Articles
Camelia is an intern for PanAsiaBiz studying at the Amity University, Kolkata [B. Tech (biotechnology)]. She is fond of writing on Science, Health, and Biotechnology topics.

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