Ripple's Legal Resurgence: The Significance of "Hinman Documents" in SEC Battle
Ripple's Legal Victory
Ripple, the blockchain-based payment protocol, has recently gained a significant advantage in its ongoing legal battle against the U.S. Securities and Exchange Commission (SEC). This resurgence is attributed to renewed attention on the crucial "Hinman documents," which play a pivotal role in the legal discourse surrounding Ripple’s native cryptocurrency, XRP.
SEC's Setback and Ripple's Success
Over the weekend, there were no SEC v Ripple lawsuit updates, leaving investors to speculate on its conclusion. As the lawsuit approaches its final stage, the SEC faced setbacks. The SEC dropped allegations against Ripple co-founder Chris Larsen and CEO Brad Garlinghouse due to the Programmatic Sales ruling, marking wins for Ripple. Despite this, XRP's value has remained below $0.70.
The SEC's potential appeal against the Programmatic Sales finding hinders XRP's upward movement. Recent legal developments suggest the SEC's intent to appeal, but it must await the resolution of the Ripple case before filing.
The Importance of Hinman Documents
Ripple Labs and the SEC are in the discovery phase for the XRP case's remedies until February. The "Hinman documents" have gained prominence, becoming a focal point in the ongoing legal tussle. Recent disputes between SEC Chairman Gary Gensler and Ripple's legal leader, Stuart Alderoty, have added to the tension.
Alderoty criticized the SEC's conduct, citing court losses, criticism by judges, rebuke by the government's internal auditor, and international irrelevance. He specifically highlighted the Hinman documents, indicating potential challenges for the SEC in its pursuit of Ripple and other entities.
XRP's Market Action
Amid the legal battles, XRP's current price stands at $0.624536 with a market size of $33.55 billion and a circulating supply of 53.72 billion. Over the last 24 hours, XRP has gained 2.71%. Santiment on-chain data reveals a significant spike in Large Transactions and Whale Holdings, with whales accumulating 20 million XRP between November 6 and November 18.
This surge in major players' holdings may influence retail investors to reconsider selling, potentially prompting a shift towards long positions in the XRP market.