Following the release of the earlier concealed Hinman Speech Documents for public view on June 13, the price of XRP appreciated by roughly 10% on Tuesday and subsequently depreciated by the same percentage. This anticipated XRP price gain boosted the asset’s valuation, positioning it as the fifth-largest crypto by market capitalization on Tuesday.
Yassin Mobarak, the founder of the Venture Capital firm Dizer Capital stated that a similar price action could play out when Judge Analisa Torres, the presiding judge in the Ripple vs SEC lawsuit issues the court’s summary judgment.
As reported by TimesTabloid, the Hinman Speech Documents, including all drafts and emails related to the infamous “Ethereum is not a security” speech were finally released as ordered by the court. The critical development which revealed that Vitalik Buterin was involved in the process leading to Hinman’s inclusion of ETH as a non-security triggered a spike in XRP price.
Notably, the asset rose nearly 10% in price in the wake of the news, hitting $0.5589 on Tuesday. Consequently, massive selling pressure was exerted on the asset, causing it to lose 10% of its gain on the same day. At the time of writing, the asset is down by $6% in the last 24 hours and is exchanging for $0.474 per XRP.
Reacting to this development, Moborak implied a bit of market manipulation, submitting that the Tuesday XRP price action is a sign of what is to come when the court issues the Summary Judgment in the Ripple-SEC case.
He wrote, “The news caused $XRP price to spike, then we saw a massive selling volume to counteract the price rise. This tells me someone (s) was expecting this pump and got XRP funds ready to dump to keep suppressing the price.
“My point is, don’t be surprised if similar behavior emerges right after the Summary Judgment news drops. Whether the suppression action will be enough to counteract the demand (if XRP gets clarity) is yet to be seen. Expect all scenarios in crypto.”
Follow us on Twitter, Facebook, Telegram, and Google News
