Earlier this week, on June 13, the much-anticipated Hinman documents were revealed to the public, providing significant insights into an infamous 2018 speech held by Bill Hinman, the former division director at the US Securities and Exchange Commission (SEC).
During the speech, Hinman said that Ethereum (ETH), the second-biggest cryptocurrency in the world, should not be considered a security. Two years later, the SEC filed a lawsuit against Ripple and its two executives, alleging they raised more than $1.3 billion through the sale of XRP in an unregistered security offering to investors.
The disclosure of documents, which contain internal communications within the SEC and offer a broad view of its discussions, initially triggered a price rally in XRP, propelling the cryptocurrency to $0.56 on Tuesday. However, since then, XRP has declined around 16%, losing all of its recent gains.
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Nevertheless, on Friday, June 16, hedge fund manager Thomas Kralow, said that further speculation around Hinman’s speech and SEC’s communications, as well as the regulator’s stance on XRP, could propel the asset’s price as high as $10 or even more in the following months.
Industry expert says XRP could hit $10 – $30 in the near future
Notably, in an interview with FXStreet, Kralow highlighted a recent surge in interest in XRP among the crypto community, with Google data and other metrics showing that the number of internet searches for the cryptocurrency more doubled over the past month.
These ‘speculative narratives” may “potentially lead to a significant price increase for XRP in the next three to four months, pushing its value to anywhere between $10 and $30,” Kralow said.
Earlier on Friday, legal expert John Deaton weighed in on the latest developments regarding the release of Hinman documents and the former SEC official being summoned by the US District Court for a deposition.
Two key factors that could fuel a fresh XRP rally
According to Kralow, a manager and founder of Kralow Capital, there are two vital factors that could significantly impact XRP’s price in the near future.
Those include Ripple’s planned initial public offering (IPO), and a potential triumph in its legal battle against the SEC.
The payments remittance company voiced its intentions to go public multiple times in recent years, a move that could become a major catalyst for XRP,
Similarly, if the blockchain firm secures a victory against the SEC, and the judge rules that XRP is not a security, the altcoin could easily soar to a new record high.
XRP price analysis
At the time of writing, XRP was changing hands at $0.46, down 2.53% in the past 24 hours.
Over the past week, the crypto asset lost more than 12.5% in value, losing more than $3.4 billion in market cap during that period.
Year-to-date, XRP’s price still remains deep in the green, up more than 35.6% since the start of the year.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
