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

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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%.