XRP prices rise after Ripple Labs filing includes Hinman speech.

XRP prices increased by 7.4% within the last 24 hours, despite only nominal gains in the broader crypto market. Traders are likely betting on a favorable outcome for Ripple Labs, a payments company, in its ongoing lawsuit against the SEC.

These gains were made as documents associated with William Hinman, the former director of the US Securities and Exchange Commission’s Division of Corporation Finance from 2017 to 2020, were released to the public in connection with the lawsuit against Ripple Labs.

In a 2018 speech, Hinman suggested that Bitcoin (BTC) and Ether (ETH) were not securities, in his opinion. “We do not need to see a need to regulate Ether, as it is currently offered, as a security,” one of Hinman’s emails read.

Ripple Labs argues that Hinman’s comments at the time mean that XRP should not be classified as a security, potentially leading to a positive result for the payments company.

In 2020, the SEC accused Ripple of selling unregistered securities. Ripple has historically kept its distance from XRP, the token that powers some of its products and the XRP Ledger network. However, any progress in the case will have an impact on XRP prices.

Edited by Parikshit Mishra.

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