XRP Price Prediction as Hinman Documents Go Public – Can XRP Reach $10 in 2023?

Jun 13, 2023

By Joel Frank | @joel-frank

XRP, the cryptocurrency that powers the XRP Ledger, a layer-1 blockchain protocol, has reversed lower following an earlier pump to fresh multi-month highs in the $0.565 area.

The cryptocurrency, which ranks as the world’s sixth largest with a market capitalization of around $26.5 billion, was last changing hands just under $0.51.

XRP is now down more than 3%, having previously traded as much as 7.5% up on the day.

The catalyst for XRP’s spike earlier in the day was the release of SEC documents relating to an infamous speech made by William Hinman – the agency’s former director of the Division of Corporation Finance.

In that speech, Hinman said that, in his view, he did not see a need to regulate Ether as a security.

The documents, which show how officials at the SEC deliberated over what to say in the speech ahead of its delivery, have been touted as boosting Ripple’s case in its lawsuit with the SEC.

The SEC accused Ripple back in December 2020 of issuing XRP as an unregistered security and the two have been engaged in a fierce legal battle ever since.

According to Ripple’s Chief Legal Officer Stuart Alderoty, the documents show that “Hinman ignored multiple warnings that his speech contained made-up analysis with no basis in law" and was divorced from the "Howey factors".

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