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Market News XRP Competes for No. 5 Position in Rankings on Hinman Tailwinds

XRP Competes for No. 5 Position in Rankings on Hinman Tailwinds

The publication of an SEC document that supports the blockchain company has caused the market capitalization of XRP to rise.

TOP1Markets Analyst

2023-06-14

10847

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If only momentarily, the bitcoin market experienced a flippening. With a market worth of more than $28 billion on CoinMarketCap, XRP surpassed stablecoin USD Coin to take over as the No. 5 cryptocurrency. As the markets trade with volatility, the two assets are still vying for the coveted No. 5 position.

Investors anticipate that Ripple will prevail in its legal dispute with the SEC, which has caused the price of XRP to rise 7% in the last week to about $0.54. The Hinman documents, which stretch back five years and have recently been made public, are the most recent spark that is anticipated to bring the SEC's demise.Catalyst by Hinman

The long-awaited communications on cryptocurrency and securities from former SEC employee Bill Hinman are now accessible. Hinman focuses on the popular cryptocurrencies in his communications from 2018, noting, "We do not need to see a need to regulate ether, as it is currently offered, as a security."

Now, Ripple's legal team is utilizing the SEC's own statements against the business to defend its reputation. The blockchain startup has gained support from the cryptocurrency community in what is mostly seen to be a win for them.

In 2020, the SEC filed a complaint against Ripple alleging that the company offered XRP as an unregistered securities. Hinman's remarks undermine such claim. For the time being, Ripple has been conducting business as usual, but the protracted legal dispute has caused the price of XRP to fluctuate.

Markets have increased the price of XRP in expectation of a court victory since they primarily support the blockchain corporation.

Ripple Chief Offers Opinion

In a tweet, Ripple CEO Brad Garlinghouse criticized the SEC for continuing the legal action against the business in spite of the Hinman disclosure, claiming that the organization "threw an entire industry into chaos." Garlinghouse continues by labeling Gary Gensler, chair of the SEC, for attacking him and his staff as "deplorable, politically-motivated overreach."