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Home Markets Cryptos

Legal battle shifts to Ripple’s advantage sending XRP on a rampage

Olumide Adesina by Olumide Adesina
October 10, 2021
in Cryptos
Ripple
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Following Ripple’s legal battle with the United States Securities and Exchange Commission, email evidence has shown that the 2018 speech given by Bill Hinman, the former director of the SEC’s Division of Corporate Finance, was not just a personal opinion, but the SEC’s policy, which Ripple was able to discover.

Hinman, who gave a news conference in 2018 saying Ethereum isn’t a security, has been at the centre of the debate. His remarks caused the price of Ethereum to surge north.

Recent access to the SEC’s privilege log by Ripple’s legal team suggests they could be of high relevance to this case.

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“An email was sent by the SEC to a third party telling them to use the Hinman speech to analyse digital assets. The speech was just a personal opinion of the SEC. I understand now – it’s the SEC that needs clarification!” says attorney Jeremy Hogan at the time, pointing out that agency’s contradictory actions.

Hinman’s speech proved to be more than just his own opinion, as it revealed the official policy of the SEC. That has been at the heart of the lawsuit.

The SEC will likely end up in bad shape throughout the rest of the lawsuit if the Judge confirms that all this time it has claimed the speech was merely Hinman’s personal opinion.

XRP was trading at $1.18101 during the time of writing this report, up 10.34%. This was the biggest percentage gain since October 9.

As a result, XRP’s market value has risen to $55 billion, or 2.35% of the cryptocurrency market’s valuation, at its peak, XRP reached an estimated $83.4 billion in market value.

For the day, XRP traded between $1.05756 and $1.18101.

XRP remains 64% below its all-time high price of $3.29 set back on January 4, 2018.

Tags: Bill HinmanRippleXRP
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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Comments 1

  1. Anonymous says:
    October 10, 2021 at 10:24 am

    Where do you guys who write these articles get your screwy numbers??

    The ath of XRP in January, 2018 was NOT $3.29, it was $3.84.

    Go look it up yourself. I’ve seen so many screwy numbers in these articles that I’m sick of it. You should do some research before you publish things like this.

    Also, another thing you “journalists” UNIVERSALLY get wrong is when you talk about how much XRP Jed McCaleb has left, and when he’ll run out of it.

    It’s like you guys flunked 3rd grade math! It’s embarrassing.

    Firstly, there are SEVERAL billion more XRP in the settlement that Ripple has left to pay Jed. So he will definitely not ONLY not run out for several years, but he will not even RECEIVE the last payments of XRP for years.

    Then, secondly, the article writers talk about what is in his tacostand account at the moment, as if he does not have at least two OTHER accounts which he can and does replenish it with at will. And I’ve even read articles where they mention the other accounts having XRP in them, but stupidly still talk about when “Jed will run out of XRP”, using numbers that are clearly just referring to the tacostand account.

    And like I said, this is in the larger context of completely ignoring the fact that Ripple still will be paying him new monthly payments of XRP for a few years to come. It’s mathematical madness. If you’re not one of those guilty ones regarding Jed McCaleb information, then I apologize to you for venting. But I’ve got a 6 figure amount of XRP, and my brother, whom I advise, does as well, and I’m tired of receiving and passing along idiotic wrong information regarding important subjects. Especially when I’ve been able, in the past, to piece together a rough idea of how much XRP Jed McCaleb has left to both receive and potentially sell…just from various of these poorly written articles themselves. So it’s not like they didn’t have the actual information…they just weren’t thinking logically, even at a grade school level, let alone a proper journalist level, and weren’t doing the basic math…at all. And unlike your article they generally don’t have ANY way of correcting their misinformation. At least you’re not afraid to have a comment column, for which fact you are to be congratulated. Lots of journalists, or people who think they are journalists, hide behind the “lack of a comment section”. This is my admittedly grumpy way of saying that I admire that you’re not one of those.

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