- The release of Hinman Docs fails to favor Ripple in the SEC lawsuit.
- XRP turned bearish and hit its 2-week-low at $0.4610 on Wednesday.
- In the last 24 hours, the trading volume of XRP declined by 37%.
XRP investors are greatly disappointed as the asset’s price failed to sustain the bullish rally after the release of the Hinman docs. Over the last 24 hours, XRP fell more than 6% to trade within the bearish range of $0.47.
On Tuesday, XRP jumped over 7% and marked its 1-month-high at $0.5658 in response to the docs’ disclosure. But reversing this upside, the token dropped by 18.5% to its 2-week-low at $0.4610, as per TradingView data.
Over the past two weeks, the price of XRP upheld its bullish trajectory by hovering above the 50-day moving average (50MA). Right now, the token has confirmed its entry into the bearish zone.
XRP Price Chart (Source: TradingView)
At the time of writing, according to CoinMarketCap data, XRP traded at $0.473 after a dip of 6.28% in the last 24 hours. Ripple and the community highly anticipated the XRP price to hit a higher mark post this crucial release. But seemingly, the current scenario has turned out to be unfavorable.
How Disappointing Were Hinman Docs to XRP?
The 2-year-long haul between Ripple and SEC is inching closer to its conclusion. The Hinman speech and emails dating back to 2018 were like a crucial trunk card. Why were Hinman’s emails and speech draft so crucial?
Two years ago, former SEC director William H. Hinman delivered a speech emphasizing the definition of security on behalf of the commission. To highlight, he stated any token that proves to be “sufficiently decentralized” is not a security. But the corresponding drafts and emails stayed in the shadows ever since the inception of the SEC vs Ripple case.
Ripple Labs succeeded in urging the regulator to unveil the docs, anticipating optimistic progress in the lawsuit. The release could have caused a remarkable price surge in XRP. Unfortunately, it failed.
Stuart Alderoty, the Chief Legal Officer of Ripple Labs, scrutinized Hinman’s docs as a “made-up analysis with no basis in law” and a source that could potentially instigate “greater confusion” in the market. The docs had no significant findings or evidence that supports the payment firm. Overall, this weighed down the bullish prediction for XRP.
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