XRP Bull Will Target $0.3650 According to SEC v Ripple Optimism and US Stats

Updates from the ongoing SEC v Ripple case sparked interest but had a muted effect on XRP.

XRP Gains Support Despite Pending Court Decisions

On Wednesday, there was an outburst of activity in the SEC v. Ripple case. Under the court’s schedule, non-parties have been required to file closing motions for all summary judgment materials that differ from the revisions and sealing remedies requested by the parties.

Some non-parties have filed motions to revise the announcements in support of the SEC’s summary ruling proposal. MoneyGram too Archived Require sealing to protect employee identities.

However, there were no court orders at the SEC’s request to redact portions of William Hinman’s speech-related documents, nor on summary judgment.

While investors await the two important court decisions, both parties will file objections to Omnibus’ proposal to seal by Jan. 9 and Dubert Motions by Jan. 13.

In connection with the SEC motion and documents related to William Hinman’s speech, the SEC seeks to protect selected content from the public. After more than half a dozen failed attempts to prevent the documents from being released, the latest move may be a last ditch effort before considering a settlement.

As a matter of background, former SEC Director of Corporate Finance William Hinman said that Bitcoin (BTC) and Ethereum (ETH) are not securities. The controversial issue in the letter concerns Hinman’s relationship with Simpson Thacher, who is part of a group promoting Enterprise Ethereum. After leaving the SEC, Hinman returned to Simpson Thacher.

While the filings generated interest, the lack of progress in the case has left XRP in the hands of the broader crypto market. US economic indicators and the Nasdaq provided support, while the FOMC meeting minutes covered the upside.

Today, the US economic calendar and the NASDAQ will continue to guide XRP and the broader market. However, any court ruling would overshadow US statistics.

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