Ripple (XRP) Price Breaks $0.55 Resistance on Optimistic Reaction to Hinman Documents

June 13, 2023 Edwin Deponte Cryptocurrency News 0

Rocket Pool and Thorchain: What Caused the 6% Decline?

The price of Ripple (XRP) surged past $0.55 on June 13, 2023, amid the release of the Hinman Documents. The Hinman Documents are a series of speeches and presentations made by former U.S. Securities and Exchange Commission (SEC) official William Hinman, in which he argued that cryptocurrencies like XRP are not securities.

The release of the Hinman Documents has been met with optimism by the XRP community, as it could potentially lead to the SEC dropping its lawsuit against Ripple. The SEC filed a lawsuit against Ripple in December 2020, alleging that the company had raised $1.3 billion through an unregistered securities offering.

The price of XRP has been on the rise in recent weeks, and the release of the Hinman Documents has only added to the momentum. The cryptocurrency is currently trading at $0.56, up more than 7 % in the past 24 hours.

Some analysts believe that the price of XRP could continue to rise in the near future, as the Hinman Documents could lead to the SEC dropping its lawsuit. Others are more cautious and believe that the price of XRP could consolidate before making any further gains.

Only time will tell how the release of the Hinman Documents will impact the price of XRP. However, the cryptocurrency has certainly made a strong start to June, and it will be interesting to see how it performs in the weeks and months ahead.

The document in question is a deposition transcript of William Hinman, the former director of the SEC’s Division of Corporation Finance, who testified under oath on July 27, 2021. Hinman was a key figure in the SEC’s regulation of digital assets, and his statements in 2018 that Bitcoin and Ethereum were not securities have been cited by Ripple as evidence that XRP should also be considered a non-security.

However, the SEC has argued that Hinman’s views were not official policy and that he was speaking in his personal capacity. The deposition transcript, which was initially sealed by the court, was made public today after a motion by Ripple’s lawyers. The transcript reveals that Hinman had met with several representatives of Ripple before his 2018 speech and that he had discussed XRP’s status with them.

According to Ripple’s legal team, the document shows that Hinman’s speech was not merely his personal opinion, but rather a reflection of the SEC’s internal deliberations and communications. They claim that this contradicts the SEC’s position that XRP has always been a security and that Ripple should have known it.

The release of the document has sparked a wave of optimism among XRP investors, who believe that it could strengthen Ripple’s defense and lead to a favorable outcome in the lawsuit. The market sentiment was also boosted by the announcement of several new partnerships and initiatives by Ripple, such as its collaboration with Bhutan’s central bank to pilot a CBDC project and its expansion into the Middle East and North Africa region.

XRP is currently outperforming most of its peers in the top 10, including Bitcoin, which is up 4%, and Ethereum, which is up 6%.

Related Stories:

Ripple Chief Monica Long Makes the Case for Crypto in the New York TimesRipple CEO Brad Garlinghouse Celebrates Hinman Documents Release: ‘Well Worth the Wait’ Ripple Hacked for $112 Million in XRPSEC Releases Hinman Documents in Ripple Case Trump's Crypto Portfolio Revealed: Ethereum, Not BitcoinJPMorgan: Hinman Documents Suggest Ethereum is Not a Security Ripple vs. SEC: what comes next?Coinbase’s Access to Hinman Emails Raises Questions in Ripple Lawsuit How Binance's XRPL Network Outage Sparked a Backlash from XRP ArmyXRP Struggles and Down by 9% as SEC v Ripple Case Heats Up XRP Adjusted Volume Shows 9x Growth: What Does This Mean?Ripple Case Reaches Climax, Crypto Industry Holds Its Breath XRP Price Explodes Over 70% as Judge Rules In Favor of Ripple in SEC Case XRP, the native cryptocurrency of the Ripple network, has surged by more than 70% in the past 24 hours, reaching its highest level since May. The price spike came after a U.S. judge denied the Securities and Exchange Commission's (SEC) request to access Ripple's legal communications. What is the SEC's lawsuit against Ripple? The SEC filed a lawsuit against Ripple and its executives in December 2020, alleging that they sold $1.3 billion worth of XRP as unregistered securities. Ripple has argued that XRP is not a security, but a digital asset that is used for cross-border payments and remittances. The company also claimed that the SEC did not provide fair notice to the market about its regulatory status. How did the judge rule in favor of Ripple? On June 30, U.S. Magistrate Judge Sarah Netburn denied the SEC's motion to compel Ripple to produce documents related to its legal advice on XRP. The judge ruled that Ripple's communications with its lawyers are protected by attorney-client privilege, and that the SEC failed to show a "substantial need" to access them. The judge also noted that the SEC's request was "overly broad" and "disproportionate". What does this mean for XRP and the crypto market? The judge's ruling is seen as a major victory for Ripple and a setback for the SEC, as it could weaken the agency's case against the company. The ruling also boosted the confidence of XRP investors, who have been waiting for a resolution of the legal dispute. XRP's price jumped from around $0.6 to over $1 in a matter of hours, making it one of the best-performing cryptocurrencies in the market. The rally also lifted other altcoins, such as Stellar, Cardano, and Dogecoin. What are the next steps in the lawsuit? The lawsuit is still ongoing, and both parties are expected to continue their discovery process until August 31. The SEC has also filed a motion to extend the deadline for fact discovery by 60 days, citing the complexity of the case and the need for more time to review documents. Ripple has opposed this motion, arguing that it would cause further harm to its business and customers. The judge has not yet ruled on this motion. Conclusion XRP's price has exploded over 70% as a U.S. judge ruled in favor of Ripple in its lawsuit with the SEC. The ruling denied the SEC's request to access Ripple's legal communications, which are protected by attorney-client privilege. The ruling is seen as a major win for Ripple and a boost for XRP investors, who have been waiting for a positive outcome of the case. The lawsuit is still ongoing, and both parties are expected to continue their discovery process until August 31.Ripple (XRP) Price Explodes Over 70% as SEC Loses Key Round in Battle Dogecoin Price up 10% - Which Meme Coin Will Pump Next?Dogecoin DOGE Rallies As Price Breaks Major Resistance; $0.15 Could Be Possible
About Edwin Deponte 48 Articles
Edwin Deponte is a motivational writer and a mental health advocate who is very passionate in writing about workplace mental and emotional health.

Be the first to comment

Leave a Reply

Your email address will not be published.


*