However, finding broader market support during the afternoon, XRP revisited the $0.3964 levels before pulling back.
SEC v Ripple Jitters Silences Broader Support for Crypto Market
XRP was unable to recover from a bearish start in the session on Friday. Investor uncertainty about Friday's US jobs report and apprehension about the current one SEC vs. Ripple case considered at the beginning of the session.
However, although it found broader support in the crypto market during the afternoon session, XRP failed to end the day in positive territory along with the rest of the top ten cryptos.
Overnight, the SEC and the defendants in the SEC v Ripple case filed redacted Briefs of Response to Summary Judgment.
Defense attorney James Filan shared the redacted documents. Within the defendants' briefs presentationDefendants focused on the Howey Test, noting that the SEC Report confirms that it cannot prove a Money Investment or Common Enterprise and sought to show that XRP holders do not reasonably expect profit from defendants' efforts.
However, references to documents related to Hinman's speech were limited, questioning whether the response brief would compel the SEC to reach an early settlement.
Defendants addressed the SEC's reference to the LBRY case, stating,
โThe recent decision in LBRY also does not help the SEC with respect to fair notice. There, the Court rejected defendant's fair notice defense because it was "nothing more" than a "blatant claim" without any supporting evidence."
The letter went on to say,
โHere, Defendants have shown, in great detail supported by existing evidence, that market participants did not believe that XRP was a security, that they lacked guidance on what the law prohibited in this area, and that the SEC, in knowingly instilled further confusion in the market through his contradictory guidance, all of which confirmed in any case that XRP should not be considered a security.โ
With the redacted answer briefs available to investors, the next date on the Court's schedule is December 22, when the parties must file general motions.
Between now and December 22, investors can expect a deal. The decision to include a reference to Hinman's speech puts the documents related to the speech in the spotlight.
In a famous 2018 speech, Division of Corporate Finance William Hinman said that Bitcoin (BTC) and Ethereum (ETH) are not values.
This morning, XRP showed little reaction to the redacted filings, with investors looking for the next steps. It remains to be seen if the SEC or Defendants will comment before December 22, which would leave XRP at risk of a reversal of recent gains.
