Ripple Vs SEC: SEC To Respond Ripple Defendants’ On May 18th

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The court approved the parties’ application for an extension of time involving the attorney’s fee linked to Dr. Albert Metz’s Supplemental Report in a Text Only Order, according to James K. Filan, and it is now due by May 27, 2022.

#XRPCommunity #SECGov v. #Ripple #XRP Parties file joint request for extension of time regarding attorney’s fee connected to Metz Supplemental Report. pic.twitter.com/AVQfZR411u

— James K. Filan 96k+ (beware of imposters) (@FilanLaw) May 13, 2022

The court previously dismissed the Ripple defendants’ (Brad Garlinghouse and Chris Larsen) petition to strike the Metz report, reopening discovery until May 13 to re-depose Dr. Metz in the Ripple v. SEC case. The SEC, on the other hand, was ordered to pay “reasonable fees” for filing the motion and deposing Metz again. 

Dr. Albert Metz, a securities and finance expert, originally filed his paper on Oct. 4 explaining an event analysis undertaken to examine if Ripple might manipulate the price of the XRP currency with its announcements. He came to the conclusion that “certain news and public utterances” influenced the token’s performance.

Ripple responded to the SEC’s assertions that the Hinman documents were covered by attorney-client privilege with a six-page statement over the weekend. Ripple asserts in the court stated that the emails may not be covered by attorney-client privilege, as the SEC claims. 

It was pointed out that former SEC officer William Hinman delivered the 2018 Ethereum address in his own capacity, according to the record. Ripple further maintains that the content of his personal statements was not protected by any attorney-client privilege.

Meanwhile, the SEC has until May 18 to respond to the Ripple defendants’ newest answer. 

XRP Price Action

On the 4-hour chart, the XRP is under pressure to rise towards the upper level of $0.46 to $0.44.

However, the price remains below the 50-day and 100-day exponential moving averages (Exponential Moving Average). With fresh buying pressure, the price might reach the 50-day EMA at $0.45, then the psychological $0.50 barrier.

A move in bearish sentiment, on the other hand, would keep the downside momentum going. If the price falls below the session’s low, it will revert to Friday’s $0.38 low.