Ripple’s Response to SEC’s Privilege Motion Expected Today, as the XRP Makes a Swift Recovery

Ripple’s response to SEC’s privilege motion expected today.

Sec-Ripple Lawsuit

According to attorney James K.Filan, a member of the defendant’s legal team, Ripple may file a response to SEC’s privilege motion today. After initially labeling the content of its former official’ speech as his own opinion, Ripple, a month ago changed his stance. As the claimant now argues that documents relating to William Hinman’s 2018 speech have a protection of deliberative process privilege. Under the act, DPP, state institutions are entitled not to disclose any documents that involve deliberative process.

While Ripple’s response to the motion is expected today, the defendants are not tieing the summary judgement to it. As the company aims to proceed further in lawsuit.

The legal battle is continuing between SEC and Ripple amidst the chaos in the market as Bitcoin’s value has recently fallen drastically.

XRP Price Analysis

Although currently trading at $30.5k, Bitcoin is up 8.6% in the last 24 hours. The coin hit its lowest level since Dec 2020,just yesterday. On May 12 the premier cryptocurrency reached the low of $26.6k, a lowest level since Dec 30, 2020.

As a result literally all the cryptocurrencies, including XRP, fell hard. Yesterday, XRP hit the low of $0.33, lowest price level since Jan 29,2020. However, similar to Bitcoin, XRP has made a recovery during the past 24 hours. As currently trading at $0.45, XRP is up 20% in the last 24 hours. Although, the coin is still down 24% over the week.

As for the technical analysis XRP’s RSI is below 30 at the moment. Which indicates that the coin is oversold, which is a sign of potential recovery. Moreover, XRP currently has a support at $0.40 and is resisted at $0.48.