• XRP coin price rose 7.7% to $0.56 on June 13.
• Ripple Labs CEO Brad Garlinghouse expects the upcoming release of the so-called Hinman documents related to the lawsuit will be ‘well worth the wait’.
• The SEC cited ‘unlawful’ sale of $1.3 billion worth of XRP tokens as unregistered securities in their lawsuit against Ripple, Garlinghouse, and Larsen.
XRP Price Up 7.7%
XRP coin rose 7.7% to $0.56 on June 13, breaking above a key technical resistance near $0.542 that has hindered its breakout attempts since early May.
Hinman Documents
Brad Garlinghouse, the CEO of Ripple Labs, is expecting the release of the so-called Hinman documents related to their lawsuit with US Securities and Exchange Commission (SEC). The SEC accused Ripple, Garlinghouse, and former CEO Chris Larsen of fraud for their “unlawful” sale of $1.3 billion worth of XRP tokens as unregistered securities. William Hinman is the former Director of Corporation Finance Division at SEC who made a speech in June 2018 wherein he voiced his position on defining digital assets – which is now referred to as the Hinman Speech – proving Ripple’s point in defense against SEC’s accusations. Ripple lawyers aimed to depose Mr. Hinman for further investigation into his stance that could clarify their case; however, SEC filed a motion to seal related documents citing danger in creating a precedent questioning high-ranking officials’ statements such as this one from Mr Hinman’s speech: “Putting aside the fundraising that accompanied the creation Ether, based on my understanding of present state Ether, Ethereum network and its decentralized structure current offers and sales Ether are not securities transactions.”
Ruling Affirms Release Of Documents
The latest ruling on May 16 confirmed that depositions may occur but decided that deposition transcripts would remain sealed until after trial or unless there was an agreed order among parties involved regarding disclosure – thus affirming release of relevant documents related to Mr Hinman’s statement about Ether being not regarded as security by SEC during court hearings between Ripple and US regulatory agency . With respect to this news from May 16 ruling and eagerly anticipated content within those documents yet-to-be released by SEC soon enough according Garlinghouse; investors have responded positively pushing XRP price up 7%.
Investors’ Reactions To News
The jump helped XRP break above a key technical resistance near $0.542 while it may return below resistance level based on previous failed attempts at sustaining higher prices according to analysis available on TradingView charts alongside expectations from XRP community and investors’ reactions pushing XRP price up 7%. Positive outlook shared by Garlinghouse towards content within those documents coupled with recent ruling affirming release thereof triggered investor response leading this token’s upbeat performance seen today ie June 13th .
Conclusion
It seems like upcoming releases from SEC regarding their legal battle with Ripple could have positive short term effects on this cryptocurrency’s price given investors’ favorable responses triggered by anticipation alone prior official statement or document releases .