Ripple (XRP) prices followed a broader recovery in crypto markets, ahead of an update in the Securities and Exchange Commission (SEC) case.

The token rose 21% ahead of a response from the organization to another SEC attempt to block the release of internal memos critical to the case.

Ripple to object to blocked memos

As the entire crypto market collapsed, the XRP token has fallen by more than 25% in the past 7 days.

John Deaton, who represented attorneys in the case, compared the feelings of the LUNA and UST holders amid the historic landfill. He said that when the SEC sued Ripple and its official, XRP’s value fell. This led to the heavy liquidation and people lost their savings during this incident. Investors even called themselves stupid for investing in a shit coin.

Meanwhile, the Ripple defendants are happy submit a comment to the SEC’s May 13 letter regarding Hinman documents. The commission argued in a motion that memos related to Hinman’s infamous speech are protected by attorney-client privilege. The SEC will respond to the Ripple defendant’s response on May 18.

Will the notes from Hinman’s Speech come out this time?

The SEC claims that the past year of briefings, pleas in the case have all been academic exercises. It also included court decisions and requests for reconsideration.

Previously, Ripple opposed the Commission’s appeal to file a response letter on the matter. It even mentioned that it was the sixth time the SEC has opposed taking any action. The XEC has been very reluctant to release the internal memos related to the speech. The court has rejected the commission’s objection to Deliberate Process Privilege (DPP) twice in the past 9 months.

Ashish believes in decentralization and has a keen interest in evolving Blockchain technology, the cryptocurrency ecosystem and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he’s not writing, he plays video games, watches a thriller, or works out outside. Reach me at [email protected]

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.

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