Bitcoin

The cryptocurrency market witnessed a distinctive surge in Ripple&#8217;s XRP prices recently, as the token saw a 7.4% increase over the last 24 hours​.
<figure id="attachment_22047" aria-describedby="caption-attachment-22047" style="width: 1394px" class="wp-caption alignnone"><img decoding="async" class="wp-image-22047 size-full" src="https://crypto.ro/en/wp-content/uploads/2023/06/XRP-price.jpg" alt="XRP price" width="1394" height="792" srcset="https://crypto.ro/en/wp-content/uploads/2023/06/XRP-price.jpg 1200w, https://crypto.ro/en/wp-content/uploads/2023/06/XRP-price-300x170.jpg 300w, https://crypto.ro/en/wp-content/uploads/2023/06/XRP-price-1024x582.jpg 1024w, https://crypto.ro/en/wp-content/uploads/2023/06/XRP-price-768x436.jpg 768w, https://crypto.ro/en/wp-content/uploads/2023/06/XRP-price-750x426.jpg 750w, https://crypto.ro/en/wp-content/uploads/2023/06/XRP-price-1140x648.jpg 1140w" sizes="(max-width: 1394px) 100vw, 1394px" title="XRP registered a 7.4% increase after the publication of the Hinman documents 1"><figcaption id="caption-attachment-22047" class="wp-caption-text">XRP price chart | CoinMarketCap</figcaption></figure>
This bullish movement in <a href="https://crypto.ro/en/cryptocurrencies/xrp/">XRP</a> prices comes amidst the release of documents related to William Hinman,who was the director of the U.S. Securities and Exchange Commission (SEC)’s Division of Corporation Finance from 2017 to 2020​.
The documents were made public in connection with the ongoing lawsuit between the <a href="https://crypto.ro/en/news/ripples-general-counsel-argues-the-sec-prioritizes-recovering-ftx-funds-for-major-investors-over-consumers/">SEC and Ripple Labs​</a>.
The documents released include a 2018 speech by Hinman in which he suggested that <a href="https://crypto.ro/en/cryptocurrencies/bitcoin">Bitcoin (BTC)</a> and <a href="https://crypto.ro/en/cryptocurrencies/ethereum">Ether (ETH)</a> were not securities, in his view. This view was expressed by Hinman in the form of a statement:
<blockquote>&#8220;We do not need to see a need to regulate Ether, as it is currently offered, as a security&#8221;​.</blockquote>
Ripple Labs is arguing that based on Hinman&#8217;s stance, XRP should also not be regarded as a security. This could potentially result in a favorable outcome for the company in its lawsuit with the SEC​.
The lawsuit in question was filed by the SEC in 2020, alleging that Ripple sold unregistered securities. Ripple has traditionally maintained a distance from XRP, which powers some of its products and the XRP Ledger network, but any progress in the case has a significant impact on XRP prices​.
However, the road to this price jump was not smooth. The cryptocurrency has oscillated within a broad range between $0.56 and $0.30 for several months.
While traders have typically purchased at the support and sold close to the overhead resistance, the recent price increase indicates a positive change in sentiment, with traders buying on dips​.
Contrary to the current <a href="https://crypto.ro/en/dictionary/bull/">bullish</a> scenario, technical indicators from previous days suggested a strong sell sentiment for XRP, highlighting the unpredictability of the crypto market​.
The recent jump in XRP prices adds a fresh layer of complexity to the ongoing debate about the status of the digital token.
While the lawsuit&#8217;s outcome remains uncertain, the release of Hinman&#8217;s speech has fueled bullish sentiments among traders, who are betting on a possible favorable outcome for Ripple Labs.

XRP registered a 7.4% increase after the publication of the Hinman documents

crypto.ro global

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