Ripple (XRP) prices tracked a broader recovery in crypto markets, ahead of an update in the Securities and Exchange Commission (SEC) case.
The token rose 21% ahead of a response from the organization to another attempt by the SEC to block the release of internal memos crucial to the case.
Ripple to file opposition over blocked memos
As the whole crypto market tumbled, the XRP token has suffered a downfall of over 25% in the last 7 days.
John Deaton, representing lawyers in the case, compared the sentiments of the LUNA and UST holders amid the historic dump. He mentioned that when the SEC sued Ripple and its official, XRP’s value tanked down. This led to the heavy liquidation and people lost their life savings amid this incident. Investors even called themselves stupid for investing in a shit coin.
Meanwhile, the Ripple Defendants are like to be filing a response to the SEC’s brief over Hinman documents on 13th May. The commission in a motion claimed that memos related to Hinman’s infamous speech are protected by the attorney-client privilege. The SEC will be replying to the Ripple Defendant’s response by 18th May.
Will Hinman’s Speech notes come out this time?
The SEC is claiming that all the past year of briefings, oral arguments in the case were all academic exercises. It also included court decisions and reconsideration motions.
Earlier, Ripple opposed the Commission’s appeal to file a reply brief over the matter. It even mentioned that it was SEC’s 6th such opposition against taking any action. The XEC has been very hesitant in releasing the internal memos related to the speech. The court has already overruled the commission’s Deliberate Process Privilege (DPP) objection twice in the last 9 months.
- VanEck and 21Shares Suspend Their Terra ETPs After Recent Collapse
- Major Phishing Attack Targets Users On Crypto Data Sites
- LUNA Update: Terra Founder Proposes Resetting Terra’s Ownership To 1 Billion Tokens
- This US Leader Opposes Fed’s CBDC Plan, Here’s Why
- Breaking: LUNA Back Up, Binance Resumes Deposits And Withdrawals
- FTX CEO Refuses To Sell His Crypto Holdings; But Can He Save Crypto?
- Coinbase Admits Risk To Investor Fund Again, Reiterates Safety
- This LUNA $UST Stablecoin Rival Makes Positive Strides Amid Crash
- Just-In: Canadian Bitcoin ETF Records Largest Single Daily Purchase Of Over $2 Billion
- CZ Reveals Why He Shutdown LUNA And UST Trading On Binance
- Ripple Price Analysis: XRP Price Approaches $0.50; Is Bounce Back Feasible?
- Polkadot Price Analysis: Declining trendline Prevents DOT Price Recovery
- FTM Price Analysis: Retest to Channel Support Hints at Bullish Recovery
- Decentraland Price Analysis: MANA price Jumps 57%; Bulls Target $1.50 Next?
- Ethereum Price Analysis: Is $2,500 On The Way Amid RSI Bullish Divergence?
- GALA Price Analysis: $0.075 Fakeout Triggers A Potential Recovery
- Bitcoin Price Analysis: BTC Price Reclaims $30K Amid Extreme Oversold Market Conditions; Time To Buy?
- BNB Price Analysis: BNB Rebounds From $263 Eyes Next Target of $335
- APE Price Analysis: Can Renewed Bullish Rally Surpass $10 Mark?
- Solana Price Prediction: SOL Price Struggles Below $50.0; Is August Low On Horizon?