- Ripple’s legal battle may turn in their favor with the release of Hinman papers.
- XRP experiences a rally amid optimism from Hinman’s documents.
- Bullish momentum drives XRP to a new 30-day high, igniting positive enthusiasm.
With the latest court judgment to reveal the Hinman papers, Ripple’s continuing legal struggle with the U.S. Securities and Exchange Commission (SEC) may be nearing a tipping point. The judge’s decision to refuse the SEC’s move to seal these records has piqued the interest of XRP fans since it has the potential to give insight into the case’s result.
The significance of the Hinman documents lies in the fact that they reflect the opinion of William Hinman, the former SEC director of corporate finance, who in 2018 publicly stated that he did not consider Ethereum a security.
BREAKING: $XRP price surges after Judge Torres denies SEC’s Motion to Seal the Hinman documents, and holds off on #Ripple vs. #SEC verdict, awaits Congress for a regulatory roadmap. pic.twitter.com/JlS0JGBCVR
— WhaleWire (@WhaleWire) May 16, 2023
While this opinion does not directly pertain to XRP, Ripple supporters believe it could sway the court’s decision in their favor. With the SEC’s stance on cryptocurrency classification remaining uncertain, Hinman’s viewpoint could prove instrumental in determining the case’s outcome.
Amidst this newfound optimism, Ripple’s XRP has experienced a notable rally, surging by over 9% in the past two days. This surge comes as a welcome relief after a period of sideways movement, signaling a potential bullish continuation for the cryptocurrency. However, to solidify this positive trajectory, XRP must close its 1D or 3D candles above the crucial levels of 0.55c and 0.58c.
#XRP STAY LEVEL HEADED:
Targets to close above it: 0.55c & 0.58c. In the short-term closing 1D or 3D candles… pic.twitter.com/hvR5OEk8GC
— EGRAG CRYPTO (@egragcrypto) May 30, 2023
While the breakout from the Descending Channel (DC) already ignited bullish sentiment, the disclosure of the Hinman documents adds a new layer of confidence for XRP supporters. This development amplifies the market’s anticipation of Ripple’s ongoing legal battle, providing investors with renewed hope and fueling the cryptocurrency’s recent price action.
XRP 24-Hour Market Analysis
Bullish momentum in the XRP market has prevailed over the past 24 hours, with bulls driving the price from a 24-hour low of $0.4779 to a new 30-day high of $0.5037 before hitting resistance. At press time, XRP was trading at $0.5005, up 4.32% from its previous close, indicating positive enthusiasm.
During the bull run, XRP’s market capitalization and 24-hour trading volume increased by 4.36% and 85.48%, respectively, to $26,033,109,257 and $1,272,281,067. This rise demonstrates traders’ eagerness to participate in the bull run in expectation of more gains.
If bulls break over the $0.5037 resistance level, the next level to monitor is $0.5325. However, if the bullish force fades and the support level falls short, the next support level to monitor is $0.4612.
In conclusion, Ripple’s legal battle and the disclosure of the Hinman documents have sparked optimism and propelled XRP’s bullish momentum, fueling investor enthusiasm for the cryptocurrency’s future.
Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.