Ripple CEO: Hinman docs are ‘well worth the wait’

June 13, 2023 Coin Telegraph

Brad Garlinghouse hinted that the eagerly awaited Hinman documents, which detail internal deliberations by Securities and Exchange Commission staff, could tip the court battle in Ripple’s favor.

With just one day until the Hinman documents are due to be unsealed, Ripple CEO Brad Garlinghouse suggests the documents will be “well worth the wait."

In a June 12 Twitter reply to a question raised by crypto YouTuber Jungle Inc, Garlinghouse said that while he did not want to “overstep,” both he and Ripple's chief legal officer Stuart Alderoty see the documents as being worth the 18-month fight to get them unsealed.

Wish I could go in depth now, but we've waited this long (18+ months), I don't want to overstep… suffice it to say @s_alderoty and I believe they were well worth the wait.
— Brad Garlinghouse (@bgarlinghouse) June 12, 2023

The Hinman documents refer to internal SEC messages concerning a 2018 speech given by former Securities and Exchange Director William Hinman. In the speech, Hinman said that while cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) may start off as securities, it’s possible for them to become something more akin to a commodity once they become sufficiently decentralized.

Many Ripple advocates believe that the imminent unsealing of the documents will prove instrumental in providing further insight into the legal status of Ripple’s native XRP (XRP) token.

The unsealing of the documents comes amid an extremely turbulent time for the crypto industry. June 13 will also see the federal court will hear the SEC’s motion to freeze the assets of Binance.US, following on from a spate of legal action against the exchange.

The next 36 hrs will be critical for crypto.

Today 5 pm: @Binance files its opposition to SEC's motion for order freezing assets of @BinanceUS

Tomorrow 2 pm: Hearing on SEC's motion to freeze assets

Tomorrow (sometime): Release of summary judgment exhibits (including Hinman…
— MetaLawMan (@MetaLawMan) June 12, 2023

The SEC first took legal action against Ripple in December 2020, alleging that the sale of its native XRP (XRP) token represented an unregistered securities offering. Since then, Ripple has denied XRP is a security, arguing it does not satisfy the Howey test.

While many top Ripple executives have long been predicting an imminent end to the rollercoaster lawsuit from the SEC, pro-XRP lawyer John Deaton recently claimed that presiding Judge Analisa Torres would almost certainly come to a final decision before Sept. 30 of this year.

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XRP price eyes $1.50 next after bouncing 30% in just 10 days

October 10, 2021 Coin Telegraph

XRP price eyes .50 next after bouncing 30% in just 10 days

Altcoin Watch

The XRP price chart is painting a golden cross while rising inside an ascending channel.

XRP has a good chance of hitting $1.50 in the fourth quarter of 2021 after painting a bullish crossover between its 20-day and 50-day exponential moving averages (EMA).

The so-called Golden Cross has appeared multiple times on XRP charts in history. Its last occurrence was on Aug. 10, which followed up with a circa 80% price rally later, with XRP topping out seasonally at $1.43 before pulling back to the downside.

Similarly, a close of XRP's 20-day EMA above 50-day EMA on Feb. 4, coincided with an approximately 400% price rally afterward. In doing so, XRP reached a year-to-date high of $1.98, further attesting that the latest Golden Cross could prompt a similar bullish response from traders.

*XRP/USD daily price chart featuring Golden Cross. Source: TradingView.com*

More cues for an upside move come from the Rising Wedge pattern. The upper and lower trendlines of the ascending channel pattern has lately served as resistance and support to XRP's price moves. The cryptocurrency's ongoing upside move also followed a strong bounce from the Wedge's lower trendline, as shown in the chart above.

Thus, XRP's potential to stretch its rebound towards the Wedge's upper trendline seems high. That roughly paints a bullish target of $1.50 for XRP.

Ripple vs. SEC

The latest bout of buying in XRP markets also came in the wake of a recent SEC vs. Ripple lawsuit update.

For the uninitiated, the U.S. Securities and Exchange Commission (SEC) filed an action against Ripple Labs and two of its executives in December 2020, alleging that they raised over $1.3 billion through an unregistered securities offering via XRP tokens.

In response, Ripple Labs has been trying to prove that XRP is a utility token—not security—based on the former SEC director William Hinman's speech wherein he noted that Ether, a blockchain token like XRP, is not a security asset.

The current SEC regime argues that Hinman's opinions were personal. But based on recent findings, the U.S. securities regulator may have been lying.

Ripple's legal team recently submitted logs in the court that showed SEC directing its employees to analyze digital currencies as per the framework provided by Hinman. It could prove that Hinman's speech was not a mere personal opinion but an official directive.

Judge Netburn ruled in favor of Ripple Labs and added the proofs to their "in camera" review.

#XRPCommunnity #SECGov v. #Ripple #XRP BREAKING: 1/3 Judge Netburn Orders the SEC to submit for in camera review the two documents related to the SEC's meetings with law firms and the email chain concerning discussions with a third party who received guidance from the SEC pic.twitter.com/zbjDi7HKYJ
— James K. Filan (@FilanLaw) October 8, 2021

The ruling came out on Oct. 8, which was followed by a 17% rally in XRP price.

Bearish reversal pattern also in pl

XRP's Rising Wedge is a bearish reversal pattern. As a result, the cryptocurrency's gains in the future would face correction risks if the price breaks below the lower trendline.

*XRP/USD price chart featuring Rising Wedge breakout setup. Source: TradingView.com*

The potential negative breakout risks sending the XRP price as low as the maximum distance between the Wedge's lower and upper trendline. That would put the cryptocurrency's downside target under $0.65.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

XRP price skyrockets by 17% as double bottom chart pattern takes shape

July 28, 2021 Coin Telegraph

Altcoin

Ripple’s XRP token is in the middle of a bullish breakout, which could open the door to $1 next.

XRP’s price swung higher on Wednesday as its parent company, Ripple, entered an agreement with SBI Remit to back a remittance corridor from Japan to the Philippines.

Positive news boosts XRP’s price

The Ripple blockchain’s native cryptocurrency, also ranked as the sixth-largest digital asset by market capitalization, reached its one-month high of $0.759 after rallying 17.73% intraday. At a monthly low, it was changing hands for as little as $0.514.

*XRP sustains its uptrend amid a market-wide bullish mood. Source: TradingView*

The bullish boost came over a partnership between Japan’s largest money transfer provider, SBI Remit, and Philippines-based mobile payments service Coins.ph. With additional assistance from SBI’s digital asset exchange platform, the duo aims to use Ripple’s On-Demand Liquidity (ODL) to offer more affordable remittance options for the Filipino diaspora in Japan.

ODL via Ripple’s xRapid cross-border payment service enables parties to send funds using XRP as a bridge currency. In other words, the sender first converts the local fiat currency to XRP and sends it to the receiver via the Ripple blockchain. In turn, the receiver, upon receiving the XRP tokens, converts them back to their local currency.

Technicals skewed to upside

XRP’s latest jump also activated a classic technical setup known as the double bottom, suggesting that Ripple’s token might undergo an extended bullish momentum in the interim sessions.

That is because double bottoms are bullish reversal chart patterns. They appear when an asset drops, rebounds, drops again to the same or similar level to rebound back. The twice-touched high is called a neckline, which, if broken to the upside, expects to send the prices as high as the distance between the neckline and the double-bottom support.

*XRP is forming a double bottom pattern. Source: TradingView*

The maximum double bottom pattern height comes to be $0.25. Therefore, breaking above the neckline (near $0.75) could have XRP traders eye $1 as their next upside target.

Providing support to XRP is also an upside momentum in the broad cryptocurrency market. It began after Tesla CEO Elon Musk revealed that his private rocket company, SpaceX, holds Bitcoin (BTC), the world’s leading digital asset by market capitalization.

The disclosure came during “The ₿ Word” conference last week, also attended by Ark Invest’s Cathie Wood and Twitter’s Jack Dorsey. Dorsey called Bitcoin a big part of Twitter’s future, noting that it is the de facto currency of the internet.

Bitcoin’s 30-day realized correlation with XRP was 0.75 at the time of writing, indicating the assets’ likelihood of moving in tandem. BTC’s price is up over 7% in the past 24 hours, trading over $40,400 at the time of writing.

Ripple token