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Investor Hope for a Favorable Court Ruling Delivers XRP Price Support

Alice Wang

Aug 16, 2022 14:49

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XRP decreased on Monday by 0.13%. XRP fell by 0.63% on Sunday and finished the day at $0.3751.


As the day got off to a bullish start, XRP climbed to an early high of $0.3848. XRP declined to a low point in the late morning of $0.3660 after failing to surpass the First Major Resistance Level (R1) at $0.3871.


Before recovering in the late afternoon to close the day at $0.3751, XRP breached the First Major Support Level (S1) at $0.3690.


Updates on the current SEC v. Ripple lawsuit offered little assistance, while Chinese economic indices led to another session of declines.

Ripple momentum prior to the Hinman Docs Court Decision

In the continuing dispute with the SEC, Ripple obtained another victory. Judge Netburn granted Ripple's request on Monday for non-party subpoenas to be issued in order to verify seven recordings of public statements made by SEC officials.


Despite the fact that Bill Hinman was a former SEC Director, the SEC has yet to confirm or deny if he is the person in the video. The seven films in question include Bill Hinman's comments.


If it is confirmed that one of the seven is Bill Hinman, the Ripple defense team may have another avenue to attack Hinman and his 2018 address, which is now the focus of the case. Bitcoin (BTC) and Ethereum (ETH), according to the former SEC Director of the Division of Corporation Finance, are not securities.


Even though Ripple won, the decision had had a little effect on the price of XRP as investors awaited a more significant decision.


The SEC objected to a July Court decision that rejected its effort to rely on the attorney-client privilege to protect records relating to the William Hinman speech. The SEC objected on July 23, so a ruling might happen at any moment.

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