No rest for Ripple or XRP tokens this week.
XRP has reportedly plunged 4.6% over the past 24 hours following the latest developments in Ripple’s lawsuit with the SEC. Coin Gecko. It is currently trading at $0.50, five cents less than when the Hinman documents were finally released yesterday.
Ripple has a legal battle with the SEC from 2020due to suspicion of selling unregistered securities.
A key element of this incident was 2018 speech Former SEC Chief Bill Hinman has said that Ethereum (ETH) should not be considered a security because it is “well-decentralized.”
Ripple claimed the speech caused confusion when it was accused of selling unregistered securities. According to the complaint, Ripple has raised $1.3 billion in XRP since 2013, and the commission claims the token qualifies as a security.
As part of its ongoing legal battle, Ripple sought the release of the so-called Hinman documents as part of the lawsuit, arguing that his claims could help strip it of that label.
Ripple also requested the release of emails regarding the speech to reveal how the former director came to his conclusions. The speech was purported to reflect Mr. Hinman’s personal opinion, but the email was released yesterday.
Immediately after the release of these emails, XRP rose by about 6%.
However, Ripple’s chief legal officer, Stuart Alderotti, claimed Hinman “manufactured factors” and said the speech contained “a hoaxed analysis with no legal basis.” Feelings quickly changed after ignoring the warning.
Alderoti later insisted on investigating the former SEC director after removing the speech from his website.
Arderoti said Hinman had caused “huge confusion” by ignoring internal concerns surrounding his speech.
Unfortunately for XRP holders, all the price spikes from the email release have since vanished.
The views and opinions expressed by the authors are for informational purposes only and do not constitute financial, investment or other advice.
