June 13th marks a significant day for XRP enthusiasts, as the long-awaited release of the Hinman emails is set to take place. This date has been a topic of discussion in the XRP community for some time now.
Against the backdrop of recent turmoil in the cryptocurrency market, with the SEC suing major exchanges like Binance and Coinbase, XRP has shown signs of resilience and recovery. Despite a dip in price, XRP has managed to bounce back, currently hovering around 52 cents.
One of the reasons for this positive momentum is the anticipation surrounding the Hinman emails. John Deaton, a pro-XRP attorney, believes that the release of these documents could have a favorable impact on Ripple and Coinbase in the court of public opinion.
The Hinman emails are linked to the drafts of former SEC official William Hinman’s speech in June 2018 regarding cryptocurrencies. Deaton suggests that while the emails may not change the application of the Howey test, they could shed light on the challenges of applying decades-old regulations to modern technologies like blockchain and crypto.
Initially, the SEC opposed the inclusion of the Hinman email documents in the lawsuit. However, Judge Netburn ordered the SEC to surrender the documents to Ripple. Now, these documents are expected to be made public tomorrow, potentially providing crucial insights into Ripple’s case. While the outcome of the lawsuit remains uncertain, these documents could strengthen Ripple’s argument or lead to a favorable settlement.
Over the past few days, Ripple’s XRP experienced a downward correction after facing resistance near the $0.540 level. The cryptocurrency dropped below the important support level of $0.52 and followed a bearish trend along with other major cryptocurrencies like Bitcoin and Ethereum.
Fortunately, the buyers stepped in when XRP reached the $0.475 support area, preventing further declines. A low point was established around $0.4752, signaling a potential reversal in the price trend. As of now, XRP has started to climb upward, indicating a recovery is underway.
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