XRP Price Prediction - Can XRP Reach $1 This Week as Lawsuit Deadline Nears
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The end of the SEC Ripple legal saga seems to be close. According to recent developments, presiding Judge Analisa Torres has mandated the top US regulator to accede to the demands of the embattled crypto company. Following the regulator’s 2020 subpoena, the price action of the XRP token has drastically underperformed.
Could the push for a summary judgment aid or harm the Ripple blockchain? Is there a possibility of the XRP token retouching the $1 price peg this week?
Last Monday, Federal Judge Analisa Torres ordered the Securities and Exchange Commission (SEC) to comply with Judge Sarah Netburn’s court orders to deliver the Hinman document requested by the defendant, Ripple.
According to the Ripple counsel, the document is critical evidence in establishing its argument, as it captures a speech by former SEC director William Hinman stating that Ethereum is not a ‘security.’
The Ripple team had previously requested access to the document to prove that, just like Ethereum, XRP is not a security as the government agency claims. However, the SEC objected, stating that the document was irrelevant to the case and asserted the attorney-client privilege that protects internal speech communications.
The new ruling by Judge Torres puts the SEC in a tight spot as it tries to enforce regulatory oversight in the burgeoning crypto industry. Ripple executives have continued to state that the SEC was overreaching in its efforts and was not putting things in their proper perspective.
Popular crypto lawyer Jeremy Hogan believes this could further strengthen Ripple’s position.
Others have noted that
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