Comments From A Former SEC Director May Help XRP Rally By 50%

There is a very high chance that the trading price of XRP may experience a significant push in the upcoming days. The chances of the highest push so far in 2022 for XRP are based on the assumption that Ripple may win the case against the US SEC.

It has been a long-running battle between the US SEC and Ripple Labs and finally, there are strong possibilities that the case may end very soon.

Many are hoping that at the conclusion of the case, Ripple Labs would emerge as the winning side. If it happens, it would be a huge opportunity for XRP to shine and demonstrate its true potential to the crypto industry.

Hinman Documents may be a Game Changer

On September 29, Judge Analisa Torres, the judge presiding over the case at the district court issued an order for the US Securities and Exchange Commission.

Torres ordered the US SEC to provide release documentation at the court that came from William Hinman regarding Ether (ETH).

For those not familiar with William Hinman, he was a former executive at the SEC working for the commission’s corporate finance division as the director.

What Hinman Penned about Ether?

According to the claims made by Ripple, William Hinman had made a statement about Ether, the second-largest cryptocurrency in the crypto sector.

As per Hinman, the Ethereum blockchain’s native token is not to be perceived as security. Ripple now claims that the documentation penned by Hinman is now concealed and must be released to make things clear.

Hinman Claimed the Same in 2018

William Hinman shared his understanding of cryptocurrencies on multiple forums and platforms. He made the same statement and claim about Ether at one of the summits hosted by Yahoo back in June 2018.

At the summit, Hinman delivered a speech where he spoke about Ether not being perceived as security.

If the US SEC presents the documentation and the court accepts it, then it will be a close and shut case in favor of Ripple.

With the basis of the December 2020 claim getting erased with Hinman’s comment, the US SEC would have no other claim to be made against Ripple.

XRP Price is Already Surging

As the court has ordered the US SEC to produce the documents penned by Hinman, there is huge anticipation about Ripple’s win in the case.

The very possibility of Ripple winning the case against the US SEC has helped push XRP’s trading price by 4.53% in the past 24 hours. At the time of writing, XRP’s price is at a high of $0.4605.

If the decision goes in favor of XRP, then the trading price of XRP may record a 50% push in the upcoming days. This would bring XRP’s price to a high of $0.7000.