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- XRP price increased by 7.4% in the last 24 hours.
- The price increase follows the publication of the Hinman document.
- The Ripple vs. SEC lawsuit has been ongoing for more than two years.
XRP prices saw a 7.4% rise over the previous 24 hours, contrasting with the modest gains seen in the wider cryptocurrency market. This increase in value is likely linked to traders anticipating a favorable resolution for Ripple Labs in its current legal dispute with the U.S. Securities and Exchange Commission (SEC).
The price surge occurred alongside the release of documents pertaining to William Hinman, who served as the director of the SEC’s Division of Corporation Finance from 2017 to 2020. These documents were made public as part of the ongoing legal proceedings involving Ripple Labs and the U.S. Securities and Exchange Commission (SEC).
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Hinman document holds significance for XRP vs. SEC outcome
In a speech delivered in 2018, Hinman articulated his view that bitcoin (BTC) and ether (ETH) should not be categorized as securities. Correspondence from Hinman further suggested that there was no necessity to regulate Ether as a security based on its existing offering.
Ripple Labs has leveraged Hinman’s statements to bolster its position that XRP ought not to be classified as a security, which could potentially result in a favorable judgment for the firm. The lawsuit, filed by the SEC in 2020, claims that Ripple participated in the sale of unregistered securities.
Ripple has consistently emphasized a separation between itself and XRP, which functions as the token that powers specific products and the XRP Ledger network. Nonetheless, developments in the legal proceedings have a direct effect on XRP prices. XRP is currently trading at $0.5278 and has also risen by 3.12% over the past week.
