In response to the Fed monetary policy decision and Fed Chair Powell’s press conference, XRP struck a day high of $0.3461.
XRP broke through the First Major Resistance Level at $0.3339 to wrap up the day at $0.34. The Second Major Resistance Level, at $0.3465, pegged XRP back from more material gains.
While the Fed and Fed Chair Powell delivered support, the ongoing SEC v Ripple case remains the key driver.
This week, investors await a court ruling that could be a defining moment in the case. A court ruling in favor of Ripple Lab could force the SEC into a settlement and place a big question mark over the SEC’s stance on cryptos and the Howey test.
Surviving the Fed, Investors Now Await a Court Ruling in SEC v Ripple Case
This week, SEC and Ripple await a court ruling on whether William Hinman’s speech-related documents fall under the attorney-client privilege.
In 2018, the former SEC Director of the Division of Corporation Finance said that bitcoin (BTC) and ethereum (ETH) are not securities.
On Tuesday, June 7, the SEC and Ripple attended a court-scheduled conference. Judge Sarah Netburn scheduled the meeting to focus on the SEC’s claims that all documents relating to William Hinman’s 2018 speech should fall under the attorney-client privilege.
Before last week’s conference, the SEC filed at least six motions attempting to shield the Hinman speech-related documents under the attorney-client privilege.
The Ripple defense team and the XRP holders hope for a favorable court ruling. The general consensus is that the documents contain details that could damage the SEC case.
William Hinman has, inadvertently, become a central figure in the SEC v Ripple case.
In December, Empower Oversight, a non-profit government watchdog, filed a lawsuit against the SEC. The lawsuit claimed that William Hinman received millions of dollars from his former employer, Simpson Thacher.
Simpson Thacher is part of a group that promotes Enterprise Ethereum. Empower Oversight claimed that the Hinman speech caused an ETH price spike before the SEC lawsuit against Ripple Lab, claiming that XRP is a security.