Ripple (XRP) Price Prediction Long-Awaited Hinman Docs Didn’t Make XRP Skyrocket, But This Might

In this Ripple (XRP) price prediction, we explore the impact of the long-awaited Hinman documents on XRP’s price movement. While releasing these documents did not lead to a significant surge in XRP’s value, other factors could drive its price upward.

We delve into these factors and discuss their potential impact on the future trajectory of XRP’s price.

Interestingly, XRP initially gained significant traction and experienced a surge of over 7% as traders speculated on a favorable outcome for Ripple Labs in its ongoing legal battle against the US Securities and Exchange Commission (SEC).

Although, the upticks in the Ripple (XRP) coin value were short-lived as it dropped below the $0.50 level. However, the latest price drop suggests market sentiment may have shifted, or investors’ expectations were unmet.

Long-Awaited Hinman Documents Didn’t Make XRP Skyrocket, But This Might

On the positive side, the recent surge in XRP prices can be attributed to the release of the long-awaited Hinman documents. These documents, which were unsealed and made available to the public on June 13, provide valuable insights into a notable speech delivered in 2018 by Bill Hinman, the former director of the United States Securities and Exchange Commission’s (SEC) corporation finance division.

Hinman’s 2018 speech stated that Bitcoin (BTC) and Ethereum (ETH) were not considered securities in his view. This development initially sparked optimism among investors and led to a notable increase in XRP prices.

Furthermore, the market sentiment continued to be cautious as investors awaited the US Federal Reserve’s monetary policy decision. This has played a significant role in restraining any significant upward movement in Ripple coin prices.

It should be noted that the global cryptocurrency market cap remained relatively unchanging, hovering around the $1.06 trillion mark, with a slight decline recorded in the past 24 hours.

Impact of Hinman Documents on Ripple (XRP) Prices and Regulatory Landscape

As we discussed earlier, the release of the Hinman documents, which provide insights into the Securities and Exchange Commission’s (SEC) perspective on cryptocurrencies, is expected to impact Ripple (XRP) prices positively.

These documents bolster Ripple’s claims that the SEC has shown inconsistency and unfairness in handling digital assets.

In the meantime, this new evidence further strengthens Ripple’s position, highlighting the argument that William Hinman, a former director at the SEC, delivered a speech that created confusion in the market and hindered understanding of regulatory limits.

Although the impact of the documents on the ongoing legal dispute between Ripple and the SEC might be indirect, they do play a significant role in shaping Ripple’s public perception. They could potentially influence legislative discussions in Congress.

Hence, releasing these documents was a key factor in enhancing clarity and regulatory certainty for cryptocurrencies.

Consequently, investor sentiment toward Ripple and its native cryptocurrency XRP is expected to improve, possibly resulting in an upward trend in XRP prices.

Impact of Federal Reserve’s Policy Meeting on the US Dollar and Cryptocurrencies

The broad-based US dollar has continued to decline and remains depressed, as it failed to stop its downward trend ahead of the conclusion of the Federal Reserve’s policy meeting.

However, the decline comes after the release of disappointing US inflation data, with the consumer price index showing a 0.1% increase last month.

Therefore, the Federal Reserve is expected to maintain its current interest rates, keeping them unchanged for now.

Thus, the pause in interest rate hikes by the Federal Reserve could reduce the attractiveness of the US dollar as an investment option compared to other assets, including cryptocurrencies.

It is worth mentioning that the lower interest rates can lead investors to seek higher-yielding alternatives, potentially benefiting cryptocurrencies like Bitcoin and Ethereum.

Ripple (XRP) Price Prediction

XRP/USDT shows positive indications, finding support around the $0.49025 level. After a period of consolidation from June 10 to June 11, a bullish bounce pushed XRP towards $0.56318, although the gains were limited.

The 50-day exponential moving average adds to the resistance around $0.52006, and closing candles below this level suggests the dominance of sellers in the market.

There is a resistance level around $0.5200, and a successful breakthrough may lead to further resistance at $0.54082 and potentially $0.56318.

However, a bearish breakdown below the $0.49025 support level could trigger a decline toward the $0.47518 support level.