The US Securities and Exchange Commission (SEC) filed a motion on December 22, requesting the Court to seal the contentious Hinman Speech documents. The SEC argued that its mission outweighed the public’s right to access documents that were deemed irrelevant to the Court’s summary judgment decision, among other reasons. This XRP price prediction article delves into the details of the court ruling, the implications for the lawsuit, and the future potential price of XRP.
Judge Analisa Torres rules in favor of public access
In a significant win for Ripple, District Court Judge Analisa Torres denied the SEC’s motion to seal the Hinman Speech documents. Judge Torres stated that the documents were judicial documents subject to a strong presumption of public access. She determined that the Hinman Speech Documents would reasonably influence the Court’s ruling on the motion, thus rendering them important pieces of evidence.
SEC’s denied applications and granted redactions
Judge Torres also dismissed the SEC’s claims that sealing the documents would preserve “openness and condor within the agency.” The judge clarified that the deliberative process privilege did not apply to the Hinman Speech Documents since they did not relate to an agency position, decision, or policy. However, some of the SEC’s other applications were granted, such as redacting the names and identities of the SEC’s pundits and XRP investor declarants, as well as concealing personal and financial data of the defendants.
Ripple Wins SEC: XRP Price responds Bullishly
The court’s decision to admit the Hinman Speech into evidence favored Ripple, leading to a positive market response. Following the news, the price of Ripple’s native cryptocurrency, XRP, experienced a 5.35% increase and a significant rise in trading volume. This surge suggests a return of investor enthusiasm in XRP. The cryptocurrency managed to surpass key resistance levels and reached an intra-day high of $0.44.
XRP Price Prediction: Will XRP Price go back down?
While the bullish momentum is favorable, investors should be cautious of profit-taking following the price increase. Such profit-taking could trigger a selling spree and potentially cause Ripple’s price to retrace some or all of the gains made on May 17. The RSI’s high value of 81 suggests a looming pullback. Traders should be prepared for a possible correction in Ripple’s price, with the worst-case scenario being a revisit to the May 16 lows around $0.420.
Source: https://cryptoticker.io/en/ripple-wins-sec-first-step-towards-victory-xrp-up/