In a surprising turn of events, XRP prices experienced a significant surge of 7.4% over the past 24 hours, outperforming the broader cryptocurrency market. This sudden upswing in value can be attributed to the release of documents tied to William Hinman, the former director of the U.S. Securities and Exchange Commission’s (SEC) Division of Corporation Finance.
Recently, documents related to William Hinman’s tenure at the SEC were made public as part of the ongoing legal battle between Ripple Labs and the SEC. In 2018, Hinman delivered a speech in which he expressed his belief that Bitcoin (BTC) and Ether (ETH) should not be considered securities. This statement has become crucial to Ripple Labs’ defense, as the company argues that Hinman’s view should also apply to XRP.
Ripple Labs has always maintained a distance from XRP, emphasizing its separate entity from the digital asset. However, any progress or positive developments in the Ripple vs SEC lawsuit invariably impact XRP’s market prices. Ripple claims that Hinman’s remarks indicate that XRP should not be classified as a security, which could potentially lead to a favorable outcome for the company.