Attorney James K. Filan of Filan LLC has updated on the latest going on with the Ripple and SEC lawsuit.<\/p>\n
After the previous ruling on 13 January, the SEC has now filed two motions. First motion is addressed to Judge Netburn to extend the regulator\u2019s motion filing date to 17 February from 27 January, 2022.<\/p>\n
\n#XRPCommunity<\/a> #SECGov<\/a> v. #Ripple<\/a> #XRP<\/a>
BREAKING: SEC files motion requesting until February 17, 2022 to file a motion for partial reconsideration of the DPP Ruling & asks to file 20-page brief & to submit more documents for in camera review in support of motion to reconsider. pic.twitter.com\/M0ms6njNB2<\/a><\/p>\n\u2014 James K. Filan 🇺🇸🇮🇪 (@FilanLaw) January 21, 2022<\/a><\/p>\n<\/blockquote>\n
In the 13 January ruling<\/a>, the judge had granted the motion in part where Ripple Labs was seeking documents from the SEC. The documents included the draft of former Director Hinman\u2019s 2018 speech. The SEC had asserted that these documents were protected by the deliberative process privilege (DPP).<\/p>\n
It is worth noting that the contents of the speech are considered crucial to the case as it included the director\u2019s \u201cpersonal\u201d views of Ether not being a security. Now, looks like the SEC is buying time for the handover of this draft by seeking partial reconsideration of the Order, despite Ripple\u2019s objection.<\/p>\n
With that, the SEC has also filed an extension with Judge Torres as part of its second motion.<\/p>\n
Lawyer Filan explained that what the SEC is doing is asking Judge Torres to wait until 21 days after Judge Netburn rules on the motion for reconsideration before the SEC must file its objections directly with Judge Torres. Since all motions for reconsiderations and objections have to be filed within 14 days of the original ruling, the regulator is asking for more time. Filan commented,<\/p>\n
\n\u201cThe SEC is desperately trying not to have to turn over the documents to Ripple.\u201d<\/p>\n<\/blockquote>\n
Meanwhile, John Deaton, the lawyer who represented XRP holders in the lawsuit, hopes SEC\u2019s motion is denied. He said<\/a>,<\/p>\n
\n\u201cI really hope Judge Netburn denies this motion. She stated it was settled that Hinman\u2019s speech was his personal opinion and NOT an SEC pre-decisional deliberation; and therefore, not covered by the DPP. Allowing this would reward the SEC to talk out both sides of its mouth.\u201d<\/p>\n<\/blockquote>\n
XRP on a downward spiral<\/h3>\n
Meanwhile, Whale Alert recorded several XRP<\/a> transactions on 20 and 21 January. In terms of price, XRP<\/a> has lost over 14% in the last 24 hours and close to 24% in the past week. At the time of writing, the token hovers between $0.5 and $0.6.<\/p>\n
We know that the token weakness is evident since November last year, before which XRP had touched $1.34.<\/p>\n
Crypto analyst DaCryptoGeneral had noted some time back that XRP\u2019s \u201cprice is currently consolidating inside a potential symmetrical triangle.\u201d However, the analyst sees the price rallying to $2.31, once \u201cthe breakout of the symmetrical triangle is confirmed\u201d for the altcoin.<\/p>\n
\n$XRP<\/a> (1D); price is currently consolidating inside a potential symmetrical triangle.
I’m expecting a big move in price to upside once the breakout of the symmetrical triangle is confirmed,the price will rally to key level around $2.31 as the target of the symmetrical triangle pic.twitter.com\/iL1sPR55wy<\/a><\/p>\n\u2014 CRYPTO GENERAL 👑 (@DaCryptoGeneral) January 17, 2022<\/a><\/p>\n<\/blockquote><\/div>\n