SEC v Ripple Update – Dial-In Details Available for June 7 Conference

Key Insights:

  • On May 31, Judge Sarah Netburn alerted the SEC and Ripple Labs of a June 7 conference relating to William Hinman’s speech-related documents.

  • The conference is in response to an SEC drive to shield the Hinman docs on the basis of the attorney-client privilege.

  • Key technical indicators remain bearish. XRP sits below the 100-day EMA.

It is a big week for Ripple and XRP. Last week, Judge Sarah Netburn announced a June 7 conference in response to a May 18 SEC filing that responded to a Ripple reply dated May 13.

The May 13 reply was in response to an SEC brief claiming that the attorney-client privilege protects documents related to William Hinman’s speech in 2018.

The SEC v Ripple case has taken center stage this year, with former SEC Director of Corporation Finance the focal point.

SEC v Ripple Dial-in Option Allows Parties to Attend the Conference

On June 3, defense attorney James Filan shared a post detailing the dial-in details for the June 7 SEC v Ripple conference.

The conference is due to take place at 3 pm EST. As per the tweet, the dial-in details are,

“USA 877-226-8215 INT 409-207-6982 Code 4713826#.”

The tweet went on to say,

“Stay tuned to @FilanLaw for any changes. Calling in too early will give you a wrong code message.”

The outcome of the conference could prove material in the SEC v Ripple case and for the broader crypto market.

In 2018, Hinman said that bitcoin (BTC) and Ethereum (ETH) are not securities.

By way of background, Ripple Labs filed a motion to compel in August 2021. The motion requested that the SEC provide all the speech-related documents.

Since the August motion, Ripple defense lawyer Matthew Solomon objected to the SEC brief, highlighting that the SEC has filed at least six motions to contest Ripple’s motion to compel.

A ruling in favor of the defense would furnish Ripple Labs with internal discussions on the classification of bitcoin, Ethereum, and possibly other cryptos.

Following numerous SEC filings on the matter of the attorney-client privilege, it remains to be seen whether Judge Netburn leaves the door open for further filings.

We expect plenty of XRP sensitivity to the outcome of Tuesday’s conference.

XRP Price Action Hinged on the SEC Case

At the time of writing, XRP was up 1.82% to $0.4023.

A bullish start to the day saw XRP strike an early morning high of $0.4033.

XRP broke through the First Major Resistance Level at $0.3998.

XRPUSD 060622 Daily Chart

XRPUSD 060622 Daily Chart

Technical Indicators

XRP will need to avoid the First Major Resistance Level and the $0.3946 pivot to retarget the Second Major Resistance Level at $0.4046. XRP would need the broader crypto market to avoid a return to sub-$0.40.

In the event of an extended rally, XRP should test the resistance at $0.41. The Third Major Resistance Level sits at $0.4146.

A fall through the First Major Resistance Level and the pivot would bring the First Major Support Level at $0.3898 into play.

Barring another extended sell-off throughout the day, XRP should avoid sub-$0.3850. The Second Major Support Level sits at $0.3846.

XRPUSD 060622 Hourly Chart

XRPUSD 060622 Hourly Chart

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 $0.4102. 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. Direction this week will depend on the outcome of the SEC v Ripple conference.

XRPUSD 060622 4-Hourly Chart

XRPUSD 060622 4-Hourly Chart

This article was originally posted on FX Empire

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Source: https://finance.yahoo.com/news/sec-v-ripple-dial-details-031040659.html