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XRP Price Movement in the Hands of Powell and the Courts

Sep 23, 2022 , , , , ,

However, coming up against the First Major Resistance Level (R1) at $0.3522, XRP eased back to sub-$0.35 and into the red.

Updates from the ongoing SEC v Ripple case failed to shift the crypto market focus away from US economic indicators ahead of Fed Chair Powell’s speech from Jackson Hole.

Economic Indicators Tip the Balance in Favor of a 50-Basis Point Hike

US economic indicators came in ahead of forecasts on Wednesday. However, the numbers fell short of driving bets of a 75-basis point hike in September.

Core Durable Goods Orders increased by 0.3% in July, following a downwardly revised 0.3% rise in June. Economists forecast a 0.2% increase.

Today’s US stats could have more influence, with Q2 GDP and jobless claims figures in focus. On Tuesday, service sector PMIs pointed to a Q3 contraction. The GDP estimates may deliver a market-friendly 50-basis point rate hike.

Aside from the economic calendar, the SEC v Ripple case is also closely watched.

On Wednesday, defense attorney James Filan shared the latest SEC filing. Filan tweeted,

“The SEC has filed a request to file one omnibus (big) reply, up to 90 pages in length, in further support of its Motion to Exclude the Testimony of Defendants’ Expert Witnesses.”

According to the filing to Judge Analisa Torres, Ripple requested,

“11 pages for each reply brief in further support of Defendants’ motions to exclude the SEC’s five experts.”

The requests come at a testy time for XRP holders who await a pivotal Court ruling. Following the Court’s decision to deny the SEC motion to shield the Hinman speech-related documents under the attorney-client privilege, the Court is currently considering an SEC objection to the July court ruling.

The former SEC Director of the Division of Corporation Finance, William Hinman, is a central figure in the SEC v Ripple case. In a famous 2018 speech, Hinman said that Bitcoin (BTC) and Ethereum (ETH) are not securities.

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