Investors have warned of XRP’s gains after recent court filings
While XRP ended the session at $0.35, the upside on the day was modest compared to its top 10 peers. This week, investors renewed their interest in the ongoing SEC v Ripple case. On Monday, both sides filed objections to the sweeping motions to seal. The arguments on both sides were compelling and left investors wary of many pending court decisions.
Notably, the defendants continued to focus on William Hinman’s speech-related documents, which remain the SEC’s Achilles’ heel. William Hinman’s documents related to the speech are at the heart of the case, as the SEC has made at least seven attempts to protect documents related to the speech from the public arena.
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.
Two dates remain on the court’s schedule. On January 13, parties must file Daubert requests, and all parties and non-parties must object to non-party motions for sealing before January 4.
Although the filings will attract interest, investor fears could hit XRP, with rulings on the revisions to Hinman’s letter and the summary judgment response still pending. A decision against the SEC to protect the content of Hinman documents related to her speech could result in a settlement with the SEC.
Today, while the broader crypto market will provide direction, investors should watch for SEC v Ripple status updates, which could materially affect the results. There are no US economic indicators to distract investors.