XRP, the token powering one of crypto’s leading cross-border payments networks Ripple, is up by more than 2.2% on Tuesday amid building anticipation for the release of the Hinman documents.
Brad Garlinghouse, Ripple’s CEO treated XRP fans to a tantalizing hint that the documents containing the speech by William Hinman, a former director of the Securities and Exchange Commission (SEC), would be unsealed on Tuesday.
XRP price reacted positively to the new revelation that the popular Hinman docs would be released on Tuesday, climbing 2.2% to trade at $0.5281. Garlinghouse said on Monday while replying to a question by Jungle Inc, a renowned YouTuber that the documents are “well worth the wait.”
In response to a question posed by crypto influencer Jungle Inc on Twitter on June 12, Brad Garlinghouse expressed cautious optimism. Without intending to overreach, both he and Ripple’s Chief Legal Counsel, Stuart Alderoty, believe that the more than a year and a half battle to unlock these documents was justified.
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, 2023
The highly contested Hinman documents, which the SEC wanted to keep sealed, contain a speech made by Hinman in 2018. In the speech, the former director categorically singled out Bitcoin and Ethereum (ETH) to have the potential to transform into something much more than securities – a commodity as long as they achieve adequate decentralization.
Ripple and XRP enthusiasts believe that the release of the documents would be a valuable insight into the determination of 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, 2023
The SEC alleged in the lawsuit filed in December 2020 that XRP was sold to investors as an unregistered security, thus breaking the US Securities Exchange Act. Ripple has vehemently fought these claims, hence the long-standing court battle.
XRP price is trading at $0.5281 towards the end of the Asian session. The daily timeframe chart, as observed below shows the formation of a crucial cup and handle pattern. If validated with a break above the neckline resistance at $0.55, XRP price would be in a better position to push to higher levels, starting with $0.8 and later to $1.
The cup and handle is a chart pattern resembling a teacup. The ‘cup’ forms during a price drop followed by a recovery. Similarly, the forms ‘handle’ during a smaller subsequent drop and recovery.
Traders buy when the price rises above the handle’s resistance level ($0.55 for XRP), anticipating further increases, hence yielding profits.
The anticipated bullish breakout would be accompanied by a spike in volume. XRP can validate the massive 45% move to $0.8 riding on the building momentum ahead of the release of the Hinman documents.
Nevertheless, XRP’s downside is protected by short-term support at $0.5. It is essential this buyer congestion remains intact to prevent losses from extending to $0.44. The Moving Average Convergence Divergence (MACD) indicator has a slightly bearish outlook, implying that traders should tread carefully.
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