InstaForex

October 11, 2021

XRP Rockets High On Sunday, Is There Anything There?

 The week saw a positive movement for Ripple’s native asset, XRP with an increase of 16.71% from a low of $ 1.05 on Friday to $ 1.23 on Sunday, before declining more than 6% to its trading value at the time of this writing, $ 1.15.


The increase in XRP prices is linked to the good progress of the Securities and Exchange Commission (SEC) lawsuit against Ripple since December 2019.


Based on the latest report, the statement given by the SEC’s former director of corporate finance, William Hinman in 2018 is not his personal opinion alone but is also the policy of the supervisory agency.


In that year's seminar, Hinman mentioned that Ethereum (ETH) is not a securities asset, inviting debate and the second largest asset price spike after Bitcoin (BTC).



Through the latest findings, the allegations indirectly support the relevance of this case:


“An email sent by the SEC to third parties told them to use Himan’s statement to determine the status of digital assets. The statement is only the SEC's personal view. I understand now and it is time for the SEC to provide an explanation. ”


Hinman’s allegations prove it is not just his personal views but also reveals the SEC’s official policies.


This is the key key needed to end the SEC-Ripple case. The SEC is now really stuck if the line of judges confirms the revelations.


Based on XRP’s current record value, this asset needs a nearly 70% jump to reach an all -time high recorded in early January 2018.