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XRP’s value has risen by over 2.5% in the last 24 hours, surpassing $0.53, following new revelations that the long-awaited Hinman documents would be released on Tuesday. Ripple CEO Brad Garlinghouse indicated on June 12 in response to a question from popular YouTuber Jungle Inc that the documents are “worth waiting for,” signaling cautious optimism for the ongoing SEC and Ripple lawsuit. Both Garlinghouse and Ripple’s Chief Legal Counsel Stuart Alderoty maintain that the long-fought struggle for the release of these documents should be celebrated without excess.
Ripple CEO Garlinghouse: Worth the Wait
The much-debated Hinman documents, which the SEC wanted to keep secret, contain recordings of a speech made by William Hinman, a former SEC director, in 2018. In his speech, the former director mentioned that Bitcoin (BTC) and Ethereum (ETH) have the potential to transition into commodities, much more than securities, provided they achieve sufficient decentralization.
As is known, in December 2022, the SEC alleged in its lawsuit against Ripple and the company’s two senior executives that XRP was sold as an unregistered security to investors, violating the U.S. Securities Exchange Act. Ripple vehemently opposed this claim, establishing a precedent for many crypto companies. Ripple and XRP enthusiasts believe the release of the Hinman documents could provide valuable insight into the outcome of the SEC’s lawsuit against Ripple and its top executives.
XRP Price Could Rise 45 Percent to $0.8 and Even $1
Towards the end of the Asian trading session, the XRP price was over $0.53. A significant bullish pattern, the cup and handle formation, appears to be forming on the daily time frame chart. A break above $0.55, the neckline resistance of the handle side of the formation, is needed for the formation to confirm. If such a breakout occurs, the XRP price could rise to $0.8 and then to $1.
The cup and handle formation is a graphic pattern resembling a tea cup. The cup forms when there’s a price drop followed by a recovery, similar to a smaller drop and recovery forming the handle.
Investors are likely to buy more when the price surpasses the handle’s resistance level ($0.55), expecting further upward momentum. At this point, the rise should also be accompanied by an increase in volume. Depending on the momentum ahead of the Hinman documents’ release, XRP could witness a massive surge of 45% and climb to $0.8.
However, in a negative scenario, XRP‘s downward movement will be safeguarded by short-term support at $0.50. This buyer congestion needs to remain unbroken to prevent the decline from continuing to $0.44. The Moving Average Convergence Divergence (MACD) indicator presents a mild downward trend, implying that investors need to be cautious.
