Hinman Docs: Here’s Why June 13 Will Be Crucial For Ripple

Ripple Labs itself, as well as the entire crypto world, are eagerly awaiting the release of the Hinman documents. The public release of the Hinman speech documents and accompanying email is scheduled for June 13, 2023.

In the meantime, Susan Friedman, Ripple’s Chief Policy Officer, is focusing on a potentially equally crucial June 6 hearing. This hearing, titled “The Future of Digital Assets: Clarity for Digital Asset Spot Markets,” will provide insight into the complexities of crypto markets and provide much-needed clarity for this industry.

Ripple’s Milestone: The Disclosure of the Hinman Documents

In October, Ripple won a small but significant victory in its ongoing legal battle with the SEC when the latter was forced to release the so-called Hinman documents. These documents may help Ripple prove that its XRP token is actually not a security.

The documents contain material showing that former SEC director William Hinman explicitly stated in a speech that both Bitcoin (BTC) and Ether (ETH) cannot be considered securities.

There is also video evidence where Hinman clearly states that neither token is a security. In this recording, Hinman says:

Based on my understanding of the current state of Ether, the Ethereum network and its decentralized structure, current offers and sales of Ether do not constitute securities transactions.

Ripple CEO Brad Garlinghouse remains optimistic

Ripple CEO Brad Garlinghouse expressed his optimism in an interview with Forbes. He predicted that the long-drawn-out lawsuit could soon come to an end. Partly due to this positive statement, the price of XRP rose significantly by more than 10% last week, reaching a value of $0.51.

Read Also:  DO Rueda White Wines Recognized for Exceptional Quality with Excellent 7.9 Score in Recent Nielsen Report

In a YouTube interview, Garlinghouse added, “I’m confident we’ll see a court ruling this year.” This ruling shows his strong belief in a favorable outcome of the pending lawsuit.

Technical analyzes also show that XRP shows a stable upward trend. The coin now appears to be poised to rise towards the USD 0.60 resistance zone even in the near term. However, it is wise to exercise caution. The Relative Strength Index (RSI), an indicator that shows the ratio of buyers to sellers, suggests that the market is overbought. This could be a signal that a consolidation or pullback is imminent.

Ripple shows strong performance and expands with acquisition

Things seem to be looking up for Ripple. A recent report from Messari shows that XRP is up more than 55% in the first quarter of 2023. This increase is higher than the general growth in the crypto market. The report further shows that XRP’s market capitalization rose from $17.4 billion on January 1 to an impressive $27.4 billion on March 31. This represents an increase of almost 60% in the first quarter.

In addition, Ripple has announced that it has acquired Metaco, a well-known crypto asset manager, for $250 million. This move is seen as a positive signal for the future of both Ripple and Metaco. As a result of the acquisition, Ripple assumes all of Metaco’s responsibilities, while current CEO Adrien Traccani remains in charge of operations.

Recent Articles

Related News

Leave A Reply

Please enter your comment!
Please enter your name here