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“When you look at the people who received a copy of the draft, many SEC divisions were involved, except Ethics. Prior to the speech, Hinman was told several times he was violating the financial conflict laws because he kept meeting with his partners, especially considering his partners had business before the SEC.”
Deaton also commented on the SEC’s legal efforts to protect Ether speech-related documents in the Ripple case. Despite at least six attempts, the SEC failed to shield the Ether speech-related documents under attorney-client privilege. The documents revealed that Hinman continued to meet Simpson Thacher employees despite warnings from the SEC Ethics Division.
The SEC has not released the OIG’s findings despite Empower Oversight’s lawsuit and an agency overhaul. Given the rising pressure, speculation is growing that the SEC may withdraw its appeal in the Ripple case. The SEC filed its appeal-related opening brief in the Ripple case on January 15, after receiving the OIG’s findings but before Gary Gensler stepped down as SEC Chair.
The appeal challenges Judge Torres’ July 2023 ruling, which found that Programmatic Sales of XRP did not satisfy the third prong of the Howey Test—a key argument in determining whether an asset is a security.
XRP Price Trends: Is a Breakout Imminent?
XRP’s near-term trajectory hinges on the SEC’s next move in the Ripple case. If the agency withdraws its appeal, XRP could surge past its all-time high of $3.5505 to target $4. Withdrawing the appeal may allow the SEC to approve XRP-spot ETF applications, potentially boosting institutional demand. Conversely, XRP could tumble toward $1.50 if the SEC pursues its appeal.
XRP Price Action
Daily Chart
Despite Saturday’s gain, XRP sits below the 50-day Exponential Moving Average (EMA) while holding above the 200-day EMA, sending bearish near-term but bullish longer-term price signals.
If XRP climbs back to $2.50, bulls may target the 50-day EMA. A break above the 50-day EMA could signal a move toward $3.
Conversely, an XRP drop below $2.30 could bring the $1.9299 support level into play. A fall through the support level may signal a drop toward the February 3 low of $1.7024.
With a 14-day Relative Strength Index (RSI) reading of 38.12, XRP could drop below $2 before entering oversold territory (RSI below 30).
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