XRP/USD Price Analysis – June 13, 2023

Daily Price Outlook

The Ripple (XRP) coin continued its winning streak and drew further bids, surpassing the $0.53 level and experiencing a rise of over 2% on Tuesday.

However, the increase in value was mainly fueled by the growing anticipation surrounding the upcoming release of the Hinman documents. As a result, XRP’s price climbed to $0.53013, marking a positive reaction to this development.

Positive Impact of Hinman Document Release on XRP Price

Ripple’s CEO, Brad Garlinghouse, expressed his optimism about the documents, stating that they were definitely worth the wait.

These documents, which were previously kept sealed by the SEC, contain a speech given by former SEC director Hinman in 2018.

In this speech, Hinman specifically mentioned that Bitcoin and Ethereum could potentially be considered commodities rather than securities, as long as they achieved a sufficient level of decentralization.

The release of the Hinman documents is highly anticipated by Ripple and XRP enthusiasts as it could shed light on the ongoing SEC lawsuit against Ripple Labs Inc. and its top executives.

The lawsuit, filed in December 2020, alleges that Ripple sold XRP as an unregistered security, which would violate US securities laws.

Hence, the upcoming release of the Hinman documents had a positive impact on the price of Ripple’s XRP coin. As a result, the price of XRP increased by 2.2% and reached a trading value of $0.5281.

Ripple Labs Fights Back Against SEC, Challenges Security Classification of XRP

Ripple Labs Inc. is actively defending itself in its legal fight against the SEC by opposing the market regulator’s request for summary judgment.

In a detailed 89-page filing, Ripple pointed out the inconsistencies in the SEC’s arguments and contested the classification of XRP as a security. Experts are optimistic about Ripple’s chances of success based on the strength of their arguments.

XRP/USD Price Chart – Source: Tradingview

XRP/USD – Technical Analysis

XRP/USDT is showing positive signs as buyers find support at $0.5225. The recent consolidation pattern and breakout to $0.5215 indicate buyer dominance. Minor resistance is at $0.5300, with potential for further gains towards $0.5400 and $0.5469.

RSI and MACD are in the bullish zone, indicating buying pressure. A breakdown below $0.5225 could lead to support levels at $0.5100, $0.5042, or $0.4995.

Watch for a break above $0.5225 for continued bullish conditions.