In the SEC-Ripple case, the Hinmann documents, the blockchain company’s greatest achievement, were officially made public today. How the Ripple price reacted to the development, we covered the first moments in this article. New reports and recent price movements are as follows…
Date June 13 shows its effect on Ripple (XRP) price
cryptocoin.com As Binance and Ripple, we mentioned that June 13, when the cases intersect, will be critical. The related document is based on what former SEC official William Hinman said about Ethereum in 2018. Hinmann clearly states that Ethereum is not a security on this date.
A US court denied the SEC’s request to seal the documents last week. Later, at the joint request of the SEC and Ripple, it decided to delay the disclosure of the documents for a week until June 13. Now, details are emerging from the Hinmann documents, which have remained classified to this day.
They pointed out to Hinman that what he says about Ethereum contradicts the rest of his speech arguing more for Ethereum being actually a security.
"We still, have reservations about including a statement directly about Ether in the speech. Even with the caveats in the… pic.twitter.com/95FjbHSKC3— Mr. Huber🔥🦅🔥 (@Leerzeit) June 13, 2023
Mr. Huber from Twitter gave explanations about the Hinman documents used in the Ripple case. He revealed some details from the documents. Accordingly, in his 2018 speech, Hinman argues that Bitcoin (BTC) and Ethereum (ETH) are not securities, according to him. “We don’t need to need to regulate Ether as it is currently presented as a security,” Hinman wrote in one of his emails.
XRP price skyrocketed
The XRP price initially gained over 7% after the documents emerged. As the hourly chart below shows, both the bears and bulls are currently trying to gain the upper hand. The XRP price initially rallied and then faced higher highs with sellers. At the time of writing, it is trading in the $0.53 region, where it neutralizes price action.
