Ripple Scores Big in Lawsuit Against SEC Following Court Ruling on Hinman Documents
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Netburn recently ordered the Securities and Exchange Commission to release internal documents relating to former SEC director William Hinman’s 2018 speech. In the controversial documents, Hinman reportedly made some declarations on what cryptocurrencies he considered not to be securities.
Before now, the SEC has fought to prevent the said documents from getting listed as evidence. Some months ago, the Commission argued that Hinman’s comments did not reflect its stance. Later on, the Commission argued the documents were protected by “attorney-client privilege,” adding that the former SEC staff contacted the SEC staff “to obtain legal advice.” Judge Netburn criticized the SEC for its delay tactics, noting:
“The hypocrisy in arguing to the court, on the one hand, that the speech is not relevant to the market’s understanding of how or whether the SEC will regulate cryptocurrency, and on the other hand, that Hinman sought and obtained legal advice from SEC counsel in drafting his speech, suggests that the SEC is adopting its litigation positions to further its desired goal, and not out of a faithful allegiance to the law.”
Key Ripple Levels to Watch — July 13
Despite being big news for Ripple, the lawsuit ruling by Judge Netburn did not affect the cryptocurrency, leaving it to the whims of the broader market sentiment. As a result, XRP suffered a massive influx of sell trades earlier today, driving it close to the $0.3000 support.
That said, the seventh-largest cryptocurrency posted a sharp rebound, promising to push the price back above the critical trendline, as seen on my 4-hour chart. However, XRP might not have the bullish pull to scale the $0.3200 mark and could embark on a retest of the $0.3000 support in the coming hours.
Meanwhile, my resistance levels are $0.3200, $0.3300, and $0.3400, and my support levels are $0.3000, $0.2900, and $0.2800.
Total Market Capitalization: $883.2 billion
Ripple Market Capitalization: $15.3 billion
Ripple Dominance: 1.73%
Market Rank: #7
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