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XRP Suddenly Gains 7% as Big Reveal Made in Ripple Lawsuit

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Tue, 13/06/2023 - 13:19
XRP Suddenly Gains 7% as Big Reveal Made in Ripple Lawsuit
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The price of XRP suddenly jumped 8% to outperform the top 10 cryptocurrencies by market capitalization. XRP is remarkably outpacing Bitcoin and Ethereum in 24-hour gains, which are up 1.09% and 0.42%, respectively.

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At the time of writing, XRP was up 7.21% in the last 24 hours to $0.555.The sudden jump coincides with the release of emails related to former SEC official William Hinman.

In a 2018 speech, Hinman stated that Ethereum was not a security. The XRP community is excited as it will now be able to view the redacted documents of former SEC official William Hinman and cross-motions for summary judgment in the Ripple lawsuit.

Fox Business correspondent Eleanor Terrett shared a link to the Hinman documents while sharing her take on them.

CryptoLaw, the legal entity founded by John Deaton, hints at some documents that have just recently been unsealed. It says it will soon begin posting them as well as sharing links.

The XRP community should beware that malicious actors might want to take advantage of the release of the documents and perpetuate fake links. They should only refer to trusted sources for document links.

XRP, crypto community reacts

As reported, John Deaton, CyptoLaw founder, believes that Hinman's massive conflicts of interest would be brought to light by the emails. "The emails will highlight Hinman's massive conflicts of interest. People will ask, "Then why give the speech?" Deaton stated.

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Fox Business journalist Eleanor Terrett shared a screenshot of the comments from the Trading and Markets Department in response to Hinman's speech draft. "This speech is what the general public/market participants have been asking for, so we are very supportive of the speech and what it is communicating," the comments read.

Terrett went ahead to share her biggest take on the emails: "My biggest takeaway from these Hinman emails is that it seems SEC officials who weighed in on the speech believed the goal was to provide market guidance and tried to write it in a way that would convey that."

She highlights the SEC's inconsistencies, saying that in the Ripple case, the SEC lawyers argued that the speech was solely Hinman's opinion and not intended for market guidance.

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