FXEmpire.com –
Insightful Analysis:
- XRP closed Friday’s session at $0.5649, gaining 0.44% on the day.
- Attention has turned to the SEC, William Hinman, and potential conflicts of interest.
- SEC’s legal battle with the crypto industry and US lawmakers’ actions are now in focus for investors.
Friday Overview for XRP
Amidst a 0.44% gain on Friday, XRP extended its winning streak to three sessions after a 4.57% rally on Thursday, closing at $0.5649.
SEC v Ripple: Significance of Remedies-Related Discovery
XRP’s buyer appetite remained unaffected by the lack of case-related news, as the SEC’s battle with Ripple nears a crucial stage with the remedies-related discovery set to conclude on February 19.
The ongoing case has seen Judge Analisa Torres ruling XRP to be a security in institutional investor sales, with both the SEC and Ripple presenting penalty arguments by April as the case edges closer to conclusion.
Empower Oversight, the SEC, and William Hinman
Empower Oversight informed the public that the Office of Inspector General (OIG) is in the final stages of probing alleged crypto conflicts of interest within the SEC, particularly concerning former SEC Director William Hinman’s actions. This development, if substantiated, could hold significant implications for the industry.
William Hinman and SEC’s Efforts to Withhold Speech-Related Documents
During the SEC v Ripple case, the SEC made repeated efforts to conceal William Hinman speech-related documents, which were eventually released, revealing concerning details related to Hinman’s post-SEC engagements and dealings with Simpson Thacher.
These revelations come at a challenging time for the SEC and its Chair Gary Gensler, following a Motion to Dismiss charges against Debt Box and a stern response by US lawmakers to the SEC’s actions.
XRP Price Action and Technical Charts
XRP maintained bullish signals above the 50-day and 200-day EMAs on the weekly chart, setting the stage for potential moves towards resistance levels. On the daily and 4-hourly charts, the analysis indicated a cautious approach to key support and resistance levels.
This article was originally posted on FX Empire
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