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SEC v Ripple: XRP in the Hands of Powell ahead of Court Ruling

Updates on the SEC v Ripple case have been limited. A court ruling on the Hinman docs could come at any time. Today, Fed Chair Powell will influence.

  • XRP found support on Tuesday, with a 2.02% gain reversing a 1.17% loss from Monday.
  • Filings from the SEC and Ripple keep news traffic flowing. Investors, however, are awaiting the court ruling on the Hinman speech-related documents.
  • Technical indicators remain bearish, with XRP sitting below the 50-day EMA.

On Tuesday, XRP rose by 2.02%. Reversing a 1.17% loss from Monday, XRP ended the day at $0.3287.

A choppy start to the day saw XRP fall to an early low of $0.3182 before making a move.

Steering clear of the Major Support Levels, XRP broke through the First Major Resistance Level at $0.3293 to an afternoon high of $0.3368.

Coming up against the Second Major Resistance Level at $0.3363, XRP fell back to end the day at sub-$0.33.

A lack of news updates on the SEC v Ripple case continued to leave XRP in the hands of the broader crypto market.

Since June 16, the SEC, Ripple, investors, and the broader crypto market have been awaiting a court ruling on the SEC’s claim that all Hinman’s speech-related documents fall under the attorney-client privilege.

Following the SEC filings on Thursday and Friday, the Amici Curiae was back in focus.

SEC and Ripple Now Focused on Public Access to SEC Court Filings

Overnight, defense attorney James Filan provided a further update on the SEC case against Ripple.

Filan said,

“The Defendants (Ripple) requested that its response to the SEC’s opposition to the amici motion be filed publicly. Judge Torres is giving the SEC a chance to propose its own redactions to the Defendants’ response by June 23.”

Filan added,

“Judge Torres is saying that before she lets the Defendants file a response publicly, the SEC gets a chance to say if there is something in the response that should not be public and why. She wants to see what the SEC wants redacted and then rule on everything at the same time.”

The Amici motion has become another bugbear for the SEC.

In May, the SEC filed an extension to oppose the amici curiae counsel letter requesting to participate in a briefing relating to the expert challenge.

John Deaton, counsel for the Amici Curiae, said,

“Deaton represents 67k ACTUAL XRP HOLDERS and wants to present what they were ACTUALLY thinking.”

For the Amici Curiae, the big issue is that the SEC planned to present expert testimony on what XRP holders were thinking when buying XRP. The SEC motions suggest that the SEC aims to prevent actual XRP holder representations and to solely rely on SEC expert witness testimony.

The latest moves are less material to the outcome of the case, or appear to be less so, at present. For now, the ruling on the Hinman speech-related docs will remain the key focal point.

XRP Price Action

At the time of writing, XRP was down 1.98% to $0.3222.

A bearish morning saw XRP fall to a low of $0.3187 before a return to $0.32.

The First Major Support Level at $0.3190 limited the downside early on.

XRPUSD 220622 Daily Chart

Technical Indicators

A move through the $0.3279 pivot would bring the Tuesday high of $0.3368 and the First Major Resistance Level at $0.3376 into play.

XRP would need the broader crypto market to support a breakout from the morning high of $0.3291.

In the case of an extended crypto rally, XRP could test the Second Major Resistance Level at $0.3465 and resistance at $0.35. A breakout would hinge on a court ruling in favor of Ripple or a less hawkish Fed Chair. The Third Major Resistance Level sits at $0.3651.

Failure to move through the pivot would bring the First Major Support Level at $0.3190 back into play. Barring an extended sell-off throughout the afternoon, XRP should avoid sub-$0.31. The Second Major Support Level sits at $0.3093.

XRPUSD 220622 Hourly ChartThe EMAs and the 4-hourly candlestick chart (below) send a bearish signal. At the time of writing, XRP sits below the 50-day EMA, currently at $0.3262. Today, the 50-day EMA eased back from the 100-day EMA. The 100-day EMA fell back from the 200-day EMA, XRP price negative.

Significantly, XRP fell back through the 50-day EMA this morning, signaling a bearish session.

A return to $0.33 would support a run at the 100-day EMA, currently at $0.3434.

XRPUSD 220622 4-Hourly Chart
Source: fxempire.com
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