There has been an important development in the legal struggle between the SEC and Ripple, which has been going on since 2020. The XRP price has been on the rise after documents from former SEC executive William Hinman surfaced.
The Securities and Exchange Commission SEC accuses Ripple of not complying with securities law. The SEC, which defines the XRP cryptocurrency as a security, is making heavy accusations against Ripple Labs. As the course of the case progressed negatively, Hinman’s documents changed expectations from beginning to end.
Why are the Hinman Documents Important?
The SEC is doing its best to ensure that its former executive’s stance on crypto does not become a precedent. However, the publication of the documents completely turned the case in favor of XRP in the eyes of the investor. Most of the famous lawyers and crypto experts predict that Ripple will win the case at the end of the day.
Former SEC executive Hinman expressed the idea that Ethereum is not considered a security in some of his messages in 2018. Based on Hinman’s precedent, Ripple lawyers argue that XRP is not subject to law.
XRP Price
After the developments, Ripple’s altcoin XRP started to rise. Investors, who bought the possibility of the positive ending of the case, have increased the XRP price by 5.50% since the beginning of the day.
If $XRP ends the day above the 0.55 level, it will make the highest close of the last 13 months.
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