{"id":537764,"date":"2023-06-13T23:00:18","date_gmt":"2023-06-13T23:00:18","guid":{"rendered":"https:\/\/uniquehot.com\/?p=537764"},"modified":"2023-06-13T20:39:17","modified_gmt":"2023-06-13T20:39:17","slug":"ripple-victorious-hinman-materials-unsealed-xrp-down","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ripple\/ripple-victorious-hinman-materials-unsealed-xrp-down\/","title":{"rendered":"Ripple Victorious As Hinman Materials Unsealed, Why is XRP Down?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">In a significant development in the legal dispute between Ripple, a blockchain company utilizing XRP in its On-Demand Liquidity (ODL) solution for cross-border transfers, and the United States Securities and Exchange Commission (SEC), the Hinman materials have now been unsealed. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Ripple&#8217;s legal representatives had been asserting the relevance of these documents in their defense against the regulator. Still, XRP prices are below the $0.58 resistance level and tracking lower when writing on June 13.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Hinman Materials Unsealed<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">While earlier ordering the SEC to unseal Hinman documents, United States District Judge Analisa Torres ruled that the regulator had not clearly shown that the materials should be kept private.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/shiba-inu\/whale-accumulates-1-5-trillion-shib-sparking-surge\/\" target=\"_blank\" rel=\"noopener \">Crypto Frenzy: Whale Accumulates 1.5 Trillion SHIB, Sparking Surge In Price<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Furthermore, the Judge acknowledged the significant public interest generated by the lawsuit since its filing in late 2020. In light of this, she concluded that the release of these documents surpassed the individual interests of the involved parties.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The Hinman materials\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.dropbox.com\/s\/rrnmfue6jf2ubuc\/Hinman%20Emails..pdf\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">comprise<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0a compilation of documents from a speech delivered by former SEC Director of Corporation Finance, William Hinman, in June 2018.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In his\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.sec.gov\/news\/speech\/speech-hinman-061418\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">speech<\/span><\/a><span data-preserver-spaces=\"true\">, Hinman expressed his perspective that ETH, the native cryptocurrency of the Ethereum network, should not be considered a security. However, the SEC had, before this ruling, chosen not to disclose the Hinman materials, asserting their confidential nature. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The SEC argues that a verdict favoring their release could set a precedent for revealing internal government communications in legal cases. <\/span><span data-preserver-spaces=\"true\">Meanwhile, Ripple lawyers initiated legal proceedings against the SEC, asserting that the regulator&#8217;s decision to file a lawsuit against the payment company was &#8220;discriminatory and infringed on their First Amendment rights.&#8221;<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-bears-set-their-sights-on-next-downside-target-if-1700-support-breaks\/\" target=\"_blank\" rel=\"noopener \">Ethereum Bears Set Their Sights On Next Downside Target If $1,700 Support Breaks<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">In its lawsuit, Ripple contends that the Hinman materials hold critical significance for its case. They also claimed that the SEC&#8217;s denial to disclose them represents a violation of the Administrative Procedure Act. Under this act, federal agencies, including the SEC, must adhere to specific procedures when engaging in adjudication or any other rulemaking.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">With the unsealing of these documents, Ripple lawyers now have a stronger case to build on their defense. Moreover, they could prove that the SEC&#8217;s lawsuit is pointless because XRP is a utility like Bitcoin.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Is XRP A Utility Coin? But Why Are Prices Lower?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Despite the decision by the Judge to unseal these contentious documents, XRP prices are volatile and lower. Notably, it is below $0.58, the resistance level, and 2023 highs. Even so, trading volumes are elevated, indicating increasing interest from the trading community.\u00a0<\/span><\/p>\n<figure style=\"width: 1225px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/QzX4jtwk\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/QzX4jtwk\/\" alt=\"XRP Price On June 13| Source: XRPUSDT On Binance, TradingView\" width=\"1225\" height=\"595\"><\/a><figcaption class=\"wp-caption-text\">XRP Price On June 13| Source: <a href=\"https:\/\/www.tradingview.com\/x\/QzX4jtwk\/\" target=\"_blank\" rel=\"noopener nofollow\">XRPUSDT On Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">How XRP prices will react in the days ahead is yet to be seen. However, a break above $0.60 and April highs could push the coin to $0.80.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature Image From Canva, Chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>In a significant development in the legal dispute between Ripple, a blockchain company utilizing XRP in its On-Demand Liquidity (ODL) solution for cross-border transfers, and the United States Securities and Exchange Commission (SEC), the Hinman materials have now been unsealed. Ripple&#8217;s legal representatives had been asserting the relevance of these documents in their defense against the regulator. Still, XRP prices are below the $0.58 resistance level and tracking lower when writing on June 13. Hinman Materials Unsealed While earlier ordering the SEC to unseal Hinman documents, United States District Judge Analisa Torres ruled that the regulator had not clearly shown that the materials should be kept private.\u00a0 Related Reading: Crypto Frenzy: Whale Accumulates 1.5 Trillion SHIB, Sparking Surge In Price Furthermore, the Judge acknowledged the significant public interest generated by the lawsuit since its filing in late 2020. In light of this, she concluded that the release of these documents surpassed the individual interests of the involved parties. The Hinman materials\u00a0comprise\u00a0a compilation of documents from a speech delivered by former SEC Director of Corporation Finance, William Hinman, in June 2018.\u00a0 In his\u00a0speech, Hinman expressed his perspective that ETH, the native cryptocurrency of the Ethereum network, should not be considered a security. However, the SEC had, before this ruling, chosen not to disclose the Hinman materials, asserting their confidential nature. The SEC argues that a verdict favoring their release could set a precedent for revealing internal government communications in legal cases. Meanwhile, Ripple lawyers initiated legal proceedings against the SEC, asserting that the regulator&#8217;s decision to file a lawsuit against the payment company was &#8220;discriminatory and infringed on their First Amendment rights.&#8221; Related Reading: Ethereum Bears Set Their Sights On Next Downside Target If $1,700 Support Breaks In its lawsuit, Ripple contends that the Hinman materials hold critical significance for its case. They also claimed that the SEC&#8217;s denial to disclose them represents a violation of the Administrative Procedure Act. Under this act, federal agencies, including the SEC, must adhere to specific procedures when engaging in adjudication or any other rulemaking. With the unsealing of these documents, Ripple lawyers now have a stronger case to build on their defense. Moreover, they could prove that the SEC&#8217;s lawsuit is pointless because XRP is a utility like Bitcoin. Is XRP A Utility Coin? But Why Are Prices Lower? Despite the decision by the Judge to unseal these contentious documents, XRP prices are volatile and lower. Notably, it is below $0.58, the resistance level, and 2023 highs. Even so, trading volumes are elevated, indicating increasing interest from the trading community.\u00a0 How XRP prices will react in the days ahead is yet to be seen. However, a break above $0.60 and April highs could push the coin to $0.80. Feature Image From Canva, Chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":537765,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16894],"tags":[1946,88418,3680,88417,3799,4531],"class_list":["post-537764","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ripple","tag-ethereum","tag-hinman-documents","tag-ripple","tag-ripple-prices","tag-sec","tag-xrp"],"acf":[],"yoast_head":"\n<title>Ripple Victorious As Hinman Materials Unsealed, Why is XRP Down?<\/title>\n<meta name=\"description\" content=\"Ripple is victorious against SEC as Hinman documents have been unsealed. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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