The price of XRP rose 2.2% to $0.5281 in response to the news that the Hinman documents would be disclosed on Tuesday.
XRP, the token that powers one of crypto’s leading cross-border payments networks, Ripple, is up more than 2.2% on Tuesday in anticipation of the Hinman documents’ release.
The documents comprising the speech by William Hinman, a former director of the Securities and Exchange Commission (SEC), will be unsealed on Tuesday, according to the CEO of Ripple, Brad Garlinghouse.
Ripple CEO Garlinghouse
The XRP price rose 2.2% to $0.5281 in response to the news that the popular Hinman documents would be released on Tuesday. Monday, in response to a query from popular YouTuber Jungle Inc, Garlinghouse stated that the documents are “well worth the wait.”
On June 12 via Twitter, in response to a query posed by crypto influencer Jungle Inc, Brad Garlinghouse expressed cautious optimism. Without overreaching, both he and Ripple’s Chief Legal Counsel, Stuart Alderoty, believe the more than year-and-a-half-long battle to release these documents was justifiable.
Wish I could go in depth now, but we've waited this long (18+ months), I don't want to overstep… suffice it to say @s_alderoty and I believe they were well worth the wait.
— Brad Garlinghouse (@bgarlinghouse) June 12, 2023The highly contested Hinman documents, which the SEC wished to keep confidential, include a 2018 speech by Hinman. In his remarks, the former director unequivocally identified Bitcoin and Ethereum (ETH) as having the potential to become something other than securities – a commodity if they achieve sufficient decentralization.
Enthusiasts of Ripple and XRP believe the publication of the documents would provide valuable insight into the SEC’s lawsuit against Ripple Labs Inc. and its top executives.
The next 36 hrs will be critical for crypto.
Today 5 pm: @Binance files its opposition to SEC's motion for order freezing assets of @BinanceUS
Tomorrow 2 pm: Hearing on SEC's motion to freeze assets
Tomorrow (sometime): Release of summary judgment exhibits (including Hinman…
— MetaLawMan (@MetaLawMan) June 12, 2023In a lawsuit filed in December 2020, the SEC alleged that XRP was sold to investors as an unregistered security in violation of the US Securities Exchange Act. Ripple has vigorously opposed these claims, resulting in a protracted court battle.
XRP Price May Move 45% To $0.8
After the Asian trading session, the XRP price is $0.5281. The chart for the daily time frame displayed below reveals the formation of a crucial cup and handle pattern. If confirmed by a break above the neckline resistance at $0.55, the XRP price would be in a stronger position to push to higher levels, beginning with $0.8 and eventually reaching $1.
The pattern of the cup and handle resembles a teapot. The ‘cup’ is created when a price decline is followed by a recovery. Similarly, the forms ‘handle’ a minor reduction and subsequent recover
Traders purchase when the price rises above the handle’s resistance level ($0.55 for XRP), anticipating further price increases and profits.
The anticipated bullish breakout would coincide with a volume increase. XRP can justify the massive 45% rise to $0.8 based on the momentum accumulating before the Hinman documents release.
However, XRP’s downside is protected by $0.5 in short-term support. This buyer congestion must persist to prevent losses from reaching $0.44. The Moving Average Convergence Divergence (MACD) indicator is mildly bearish, suggesting that traders should proceed cautiously.
