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On November 12, the German Ministry of Economic Affairs stated that SEFE, the European Secure Energy Company, must terminate its gas import agreement with Russia. SEFE, formerly a subsidiary of Gazprom, was nationalized by the German government after the outbreak of the Russia-Ukraine conflict. In a statement released last month but only made public this week, the ministry indicated that one way to terminate this legacy contract for Russian liquefied natural gas (LNG) is to declare "force majeure." This legal provision allows companies to be exempt from contractual obligations and may be applicable in the context of recent EU sanctions against Moscow and the EUs phase-out of Russian energy. SEFE has faced criticism for continuing to fulfill its long-term LNG purchase agreement with the Yamal plant in Siberia, but the cost of canceling the contract is estimated at around €10 billion ($11.6 billion). The company stated last month that it would assess the impact of the latest sanctions on the contract but has yet to take action. According to the German Ministry of Economic Affairs, the import agreement involves 2.9 million tons of LNG annually, runs until 2040, and has no cancellation option.ECB Governing Council member Eskeriva: The Spanish economy will continue to grow at a similar pace.French President Macron: France will establish a joint committee with the Palestinian Authority to consolidate the Palestinian state.According to Politico: The Trump administration has declared the Consumer Financial Protection Bureaus funding illegal.Trump: House Speaker Johnson and Senate Republican Leader Thune have achieved a “major victory” on a temporary spending bill agreement.

XRP Bulls Look for a Path to $0.40 on Pending SEC v Ripple Rulings

Cory Russell

Jan 12, 2023 15:24

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Wednesday saw an increase in XRP of 6.33%. Tuesday saw a rise of 0.46% for XRP, who closed the day at $0.37291. Significantly, XRP extended the winning run to four sessions by finishing the day at $0.37 for the first time since December 15.


XRP saw a negative start to the day, dropping to an early low of $0.34800. The price of XRP increased to a late high of $0.37834, avoiding the First Major Support Level (S1) at $0.3443. The Major Resistance Levels were broken by XRP before a short decline through R3 ($0.3718) to below $0.37. But after a strong session, XRP crossed back above R3 and finished the day at $0.37291.

The SEC v. Ripple Case: Investor Attitude Delivers $0.37

Investors were left to consider the most recent court filings since there were no updates from the ongoing SEC v. Ripple lawsuit to affect them.


The parties submitted their objections to the omnibus motions to seal on Monday. Notably, the Defendants kept concentrating on the records pertaining to the William Hinman speech, putting the possibility of a settlement on the table.


The SEC is steadfast in its effort to keep the substance of the records linked to the William Hinman speech out of the public eye, and these materials remain crucial to the case.


Investors are eagerly awaiting the outcome of the Summary Judgment Reply papers and the document redactions relating to the William Hinman address. There are still two court dates, but the rulings might be made at any moment.


Daubert Motions must be filed by the parties on January 13 and opposition to non-party motions to seal must be filed by both parties and non-parties on January 18, which was the original deadline.


While there will be interest in the files, the decisions on the redactions relating to the Hinman speech and the Summary Judgment Reply brief might be crucial. A settlement can result from a decision that the SEC cannot safeguard the information included in the records relating to the Hinman speech.


Investors should keep an eye on the SEC v. Ripple case developments today, as they might significantly influence the result, even though the overall crypto market will offer direction. However, XRP would be in the hands of the larger crypto market if there were no SEC v. Ripple news.


Initial unemployment claims and the US CPI Report will be of importance later today. A hotter-than-expected CPI Report and a decline in initial applications for unemployment benefits to below 200k would put the buyer's appetite to the test.

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