“If you look at people who received copies of the draft, there were many SEC departments involved, except for ethics. Before the speech, Hinman said that his partner had business, especially before the SEC. With this in mind, I have been told several times that I am violating the Financial Disputes Act as I continued to meet with my partners.”
Deaton also commented on the SEC’s legal efforts to protect etheric audio-related documents in the case of Ripple. Despite at least six attempts, the SEC has failed to protect etheric audio-related documents under the privileges of lawyers and clients. The document revealed that Hinman continued to meet Simpson Tacher employees despite warnings from the SEC Ethics department.
The SEC has not released the results of the OIG investigation despite surveillance lawsuits and agency overhauls. Given the rising pressure, there is growing speculation that the SEC could withdraw its appeal in a ripple-over case. The SEC filed an appeal-related opening brief in Ripple on January 15th, prior to Gary Gensler resigning as SEC chair after receiving the results of the OIG.
The appeal challenges the July 2023 ruling of Judge Torres, who found that XRP’s programmatic sales did not meet the third prong of the Howie Test. This is an important argument to determine whether an asset is security.
XRP Price Trends: Is a breakout imminent?
The short-term trajectory of XRP depends on the next move in the SEC in the Ripple case. If the agency withdraws the appeal, XRP could target $4, above the all-time high of $3.5505. With the withdrawal of the appeal, the SEC can approve the XRP-Spot ETF application, potentially increasing institutional demand. Conversely, if the SEC pursues an appeal, XRP could fall to $1.50.
XRP Price Action
Daily Charts
Despite Saturday’s profits, XRP will be below the 50-day index moving average (EMA) while still holding above the 200-day EMA, sending a bearish, recent and bullish long-term price signal.
If the XRP returns to $2.50, the Bulls can target a 50-day EMA. A break above the 50-day EMA could indicate a move to $3.
Conversely, if your XRP falls below $2.30, it could potentially play a support level of $1.9299. The decline via support levels could drop towards a low of 1.7024 on February 3.
With a 14-day relative strength index (RSI) read of 38.12, XRP could fall below $2 before entering sold-out territory (below RSI 30).
