Investing.com – In the US Securities Commission (SEC) lawsuit, it looks like the regulator has suffered a decisive defeat, but appearances can be deceiving.
For many months, SEC attorneys tried to block the release of documents that preceded then-SEC Chairman William Hinman’s landmark speech in 2018.
Hinman said that was not a title, but a commodity. The defense demanded that the documents related to this case be turned over to them in order to find out how the SEC had reached this conclusion. The fact that the authority tried by all means to prevent the publication of this document shows that its content could be explosive.
Initially, the argument was that it didn’t matter, because it only reflected William Hinman’s personal assessment and not SEC guidelines. As the court did not want to follow this approach, the prosecution lawyers argued that the documents were covered by professional secrecy.
Yesterday, however, Judge Analisa Torres ruled that the Securities and Exchange Commission (SEC) must turn over the documents. Trial watchers have long assumed that the regulator would rather strike a deal than release documents relating to Hinman’s speech.
Attorney James K. Filan, however, pointed out that the court order does not in any way mean that the documents will actually be handed over. It is much more likely that the prosecution will ask Judge Torres to reconsider the facts. At the same time, it is also possible to appeal to a court of appeal.
We can therefore in no way say at the present time that the trial has made significant progress.
Ripple price technical benchmarks
For Ripple, with a price of , the trend is today upwards. at 0.4940 dollar, the price rose by 12.41%, while the weekly loss amounts to -2.30%.
The cryptocurrency found good support at the area of the 50 percent Fibo retracement of $0.4352. Yesterday, the resistance of the 38.2 percent Fibo retracement of $0.4639 as well as the 23.6 percent Fibo retracement of $0.4994 could be broken.
Today’s closing price above the 38.2% Fibo retracement signals that further bullishness is to be expected. Should a sustained break above the 23.6 percent fibo retracement be achieved, focus will shift to the September 23rd intermediate high at $0.5569.
If, on the other hand, price breaks below the 38.2 percent retracement, expect a retest of the 50 percent retracement support.
By Marco Oehrl