Key Insights:

• On Friday, XRP rallied by 9.8% to shake off the heavy losses of Wednesday and Thursday.
• The upside came as the Ripple defense team submitted a reply to the SEC’s brief on the Hinman documents.
• Key technical indicators bearish. XRP sits well below the 50-day EMA.

On Friday, XRP rallied by 9.81%. Reversing a 7.44% slide from Thursday, XRP ended the day at $0.3843. The upside came amidst the market focus on Friday’s SEC v Ripple court date.

A broad-based crypto rally delivered XRP support as the markets looked to move on from the TerraUST (UST) de-pegging and the demise of Terra LUNA.

Market forces shifted in response to Tether (USDT) moving back toward parity against the dollar. On Thursday, USDT had fallen back to $0.95 levels, raising concerns of another stablecoin collapse.

Ripple Defendants Submit Reply to SEC Brief on Hinman Docs

On Friday, Ripple Defendants filed a reply to the SEC Attorney-Client Privilege claims concerning the famous William Hinman speech and notes.

Defense attorney James Filan shared the Ripple response on Twitter.

#XRPCommunity #SECGov v #Ripple #XRP Ripple Defendants file Response to SEC Attorney Client Privilege Claims regarding Hinman Speech and Notes https://t.co/iI3OGv3yW4

— James K. Filan 🇺🇸🇮🇪96k+ (beware of imposters) (@FilanLaw) May 13, 2022

Addressed to Judge Sarah Netburn, the Ripple defense team wrote that the SEC claims are wrong for the following reasons,

• “The record, in this case, demonstrates that Mr. Hinman delivered his speech in his personal capacity.
  • He sought input from SEC colleagues as to how best to package his remarks.
  • That certain colleagues discussed legal concepts in some of their responses does not imbue them with attorney-client privilege.
  • Second circuit law…