XRP Price Jumps On News of Hinman Docs Release• June 13, 2023 9:03 am • Comments
The price of XRP has spiked due to the imminent release of the Hinman docs.
Just in case you are not familiar with the Hinman Docs they are references to the internal messages that stem from within the SEC that discuss the 2018 speech by former Securities and Exchange Director William Hinman.
In the speech, Hinman says, “While cryptocurrencies such as Bitcoin BTC may start off as securities, it’s possible for them to become something more akin to a commodity once they become sufficiently decentralized.”
Since the news of the Hinman docs release Ripple has spiked 8.3% within the last 24 hours and is now currently trading at $0.542.
— WhaleWire (@WhaleWire) June 13, 2023
The spike in the price of $XRP, against all the odds of the market downturn, thanks to the @SECGov and it's erroneous actions last week. It seems Eastern Asia are buying into the anticipation of the release of the Hinman emails today exonerating #XRP & @Ripple. pic.twitter.com/pDfaM5vKK8
— Wilber54-XRP (@Wilber54X) June 13, 2023
Check out what Coin Desk reported:
XRP prices jumped 7.4% in the past 24 hours to buck nominal gains in the broader crypto market as traders likely bet on a favorable outcome for payments company Ripple Labs in its ongoing Ripple vs SEC lawsuit.
These gains came as documents tied to William Hinman, the former director of the U.S. Securities and Exchange Commission (SEC)’s Division of Corporation Finance from 2017 to 2020, were released to the public in connection with the SEC’s lawsuit against Ripple Labs.
Hinman suggested in his 2018 speech that bitcoin (BTC) and ether (ETH) were not securities, in his view. “We do not need to see a need to regulate Ether, as it is currently offered, as a security,” one of the Hinman emails read.
Ripple Labs claims Hinman’s remarks at the time mean XRP should not be considered a security – which could result in a favorable outcome for the payments firm.
The initial spike has since corrected itself but once the documents are officially released, it could lead to another increase.
Here’s XRP’s 72-hour chart:
Ripple (XRP) price reached a 2023 peak of $0.56 on Tuesday morning (UTC) after the much-anticipated Hinman speech documents hit media desks. Will XRP whales push for $0.60 once the recent development is fully priced-in?
The much-awaited Hinman documents relate to a 2018 speech from former Securities and Exchange Commission corporation finance division director Bill Hinman, who essentially stated that Ether (ETH) was not a security.
Early media reactions suggest the Hinman documents point toward an impending victory for Ripple (XRP) in the long-running lawsuit against the SEC.
Crypto Whales front-running this impending victory have already invested another $170 million in XRP this week. Here’s an on-chain analysis of how XRP could scale the $0.60 milestone in the coming days.
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