Risk aversion weighed on XRP through the turn of the week, with investor jitters over inflation and Fed monetary policy weighing.
Court rulings on SEC and Ripple motions failed to distract investors, with the Hinman ruling still pending.
Technical indicators are bearish, with XRP testing Major Support Levels.
On Sunday, XRP slid by 5.66% to end the week up 1.28% to $0.3251. Things were no better at the start of this week. XRP succumbed to crypto market forces for a second consecutive session.
US inflation and market angst towards Fed monetary policy have weighed on XRP and the broader crypto market. Tomorrow, US inflation figures and retail sales numbers on Friday will likely decide whether the Fed delivers a 75-basis point or 50-basis point rate hike.
However, while the broader crypto market continues to track the NASDAQ 100, investors await a pivotal court ruling on the SEC v Ripple case.
With the focus on the Hinman ruling, the latest court rulings had a muted impact on XRP.
XRP Has a Muted Response to Court Rulings from the SEC v Ripple Case
On Monday, defense attorney James Filan provided further updates from the SEC v Ripple case. Following filings in late June relating to expert testimony, the focus returned to expert testimony and the most recent amici motion.
Overnight, Filan shared the latest court ruling, saying,
“Judge Torres has granted in part and denied in part the parties’ requests to seal documents in connection with the amici Motion to Participate in the Daubert proceedings. Proposed redactions are due by July 15, 2022.”
However, the rulings are unlikely to have a material bearing on the case.
“Defendants and SEC in brawl over expert reports. SEC is taking the “extreme position… that the names of its experts and any substantive criticism of their reports should be kept from public view. Expedited briefing request.”
Essentially, the letter takes aim at the SEC’s stance on expert testimony and an unyielding position to seal ‘the names of its experts and substantive criticism of their reports from public view.’
XRP showed little response to the latest arm flexing, with investors awaiting a court ruling that could decide the outcome of the SEC v Ripple case.
The William Hinman Court Ruling Remains the Investor Focal Point
Following a June 7 court-scheduled conference and court-requested submissions from the SEC, the fate of William Hinman’s speech-related documents sits with Judge Sarah Netburn.
Since June 16, the SEC, Ripple, and investors have awaited the Hinman court ruling.
Since August 2021, the SEC has filed at least six motions in opposition, placing Hinman at the center of the case.
The SEC is attempting to shield the Hinman speech-related documents under the attorney-client privilege.
For XRP and the broader crypto market, the outcome of the case could have a material impact on investor sentiment. A Ripple victory could also give regulatory powers to the Commodity Futures Trading Commission (CFTC).
SEC Chair Gary Gensler and the SEC are battling it out with the CFTC to win the right to regulate the digital asset space. Lawmakers are beginning to lean towards the CFTC, which is likely to favor the crypto market.
XRP Price Action
At the time of writing, XRP was down 3.97% to $0.3122.
A choppy start to the day saw XRP strike a high of $0.3287 before sliding to a low of $0.3108.
The extended sell-off saw XRP fall through the First Major Support Level at $0.3126.
This article was originally posted on FX Empire