Filan LLC Attorney James K. Filan updated the latest news on the Ripple and SEC lawsuit.
Following the previous ruling on January 13, the SEC has now filed two petitions. The petition was first filed with Judge Netburn to extend the regulator’s petition filing date to February 17 from January 27, 2022.
#XRPCommunity #SECGov v. #Ripple #XRP
BREAKING: SEC filed petition asking for until February 17, 2022 to file petition for partial review of DPP Judgment & request to submit 20 page summary & submit additional documents to Camera review to request reconsideration. pic.twitter.com/M0ms6njNB2– James K. Filan 🇺🇸🇮🇪 (@FilanLaw) January 21, 2022
During the January 13 ruling, the judge made a partial recommendation in which Ripple Labs is seeking documents from the SEC. The documents include a draft of former Director Hinman’s 2018 speech. The SEC has asserted that these documents are protected by purposeful process privilege (DPP).
It’s worth noting that the content of the speech was deemed critical to the case as it included the director’s “personal” view of Ether not being a security. Now, it looks like the SEC is buying time for the delivery of this draft by seeking a partial review of the Order, despite Ripple’s objections.
Along with that, the SEC also filed an extension with Judge Torres as part of the second motion.
Filan explained that what the SEC is doing is asking Judge Torres to wait until 21 days after Judge Netburn issued the review request rule before the SEC has to file a direct objection with Judge Torres. . As all requests for reconsideration and objections must be filed within 14 days of the original ruling, the regulator is asking for more time. Filan commented,
“The SEC is trying desperately not to have to turn over the documents to Ripple.”
Meanwhile, John Deaton, the attorney representing XRP holders in the lawsuit, expects the SEC petition to be rejected. He speak,
“I really hope Judge Netburn rejects this offer. She stated that the final settlement of Hinman’s speech was his personal opinion and NOT a prior SEC deliberation; and is therefore not covered by the DPP. Allowing this would reward the SEC for speaking both sides of its mouth. “
XRP in a downward spiral
Meanwhile, Whale Alert recorded a number of XRP transactions on January 20 and 21. In terms of price, XRP has lost more than 14% in the past 24 hours and almost 24% in the past week. At the time of writing, the token ranges between $0.50 and $0.60.
We know that the weakness of the token is obvious since last November, before which XRP touched $1.34.
Cryptocurrency analyst DaCryptoGeneral noted some time ago that “the price of XRP is currently consolidating inside a potential symmetrical triangle.” However, the analyst sees a rally to $2.31, once a “break of the symmetrical triangle is confirmed” for the altcoin.
$ XRP (1D); price is currently consolidating inside a potential symmetrical triangle.
I am expecting a big move up in price once the breakout of the symmetrical triangle is confirmed, the price will move up to the important level around $2.31 as the target of the symmetrical triangle. pic.twitter.com/iL1sPR55wy– CRYPTO APARTMENT (@DaCryptoGeneral) January 17, 2022