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SEC Files Another Extension in Ripple Case Leaving XRP to Tread Water

For the SEC, it was a painful week. Ongoing since December 2020, the Ripple v SEC has had several twists and turns.

  • Following a positive week for Ripple Lab, the SEC files yet another extension.
  • The SEC has requested an extension of the deadline to file an objection to Judge Netburn’s January 13 and April 11 Opinions & Orders.
  • Key technical indicators bullish. XRP sits above the 200-day EMA.

This week, however, proved to be a potentially damaging week for the SEC, which has delivered XRP with much-needed support.

In response to the events this week, the SEC has submitted another extension request.

SEC Seeks for More Time to Contest Unfavorable Judge Rulings

On Friday, defense lawyer James Filan took to Twitter once more to share the SEC’s latest extension request.

Filan tweeted,

“The SEC has filed a request for an extension of time to file its objection to Magistrate Judge Netburn’s ruling on the Motion for Reconsideration of the DPP Ruling. The SEC is raising new privilege assertions.”

 

Filan went on further by tweeting,

“The SEC says that the defendants are prepared to proceed to summary judgment without a ruling on the Hinman emails and documents.”

For the SEC, the Hinman emails and documents are a concern, and the latest extension request illustrates how important it will be for the SEC to exclude some or all of the content from the court.

The SEC is requesting an extension of the deadline to file an objection to Judge Netburn Opinion Orders dated January 13, 2022, and April 11, 2022. It is a second extension request for the January 13 Opinion Order.

On April 11, Judge Sarah Netburn denied a motion for the courts to reconsider a ruling relating to a famous 2018 Hinman speech. Hinman said that Bitcoin (BTC) and Ethereum (ETH) are not securities.

On Friday, Filan also shared an SEC filed letter stating that the SEC does not seek to take additional discovery.

 

 

For XRP, while the extension request may not be surprising, it does drag out legal proceedings. This could test XRP support near term.

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XRP Price Action

At the time of writing, XRP was up 0.07% to $0.78264. A range-bound start to the day follows a choppy Saturday session.

On Saturday, XRP tested resistance at $0.80 with a day high of $0.79958 before sliding to a day low of $0.76748. Support from the broader crypto market limited losses on the day to just 0.49%.

XRP retraces Saturday’s losses to consolidate Friday’s breakout.

Technical Indicators

XRP will need to move through the $0.7830 pivot to move through the First Major Resistance Level at $0.7986 and test resistance at $0.80. XRP would need broader crypto market support the return to $0.80 levels.

In the event of an extended rally, XRP should test the Second Major Resistance Level at $0.8151 and resistance at $0.84. The Third Major Resistance Level sits at $0.8472.

Failure to move through the pivot would bring the First Major Support Level at $0.7665 into play.

Barring an extended sell-off throughout the day, XRP should avoid sub-$0.76. The Second Major Support Level sits at $0.7509.

A move through to $0.80 levels would bring $0.84 levels into play.The EMAs and the 4-hourly candlestick chart (below) send a bullish signal. Following Friday’s breakout, XRP sits above the 200-day EMA at $0.78128. This morning, the 50-day EMA narrowed to the 100-day EMA. The 100-day EMA narrowed marginally to the 200-day EMA, providing support.

A further narrowing of the 50-day EMA on the 100-day EMA would bring $0.80 into play.

A fall through the 200-day EMA would bring support levels into play.
Source: fxempire.com
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