SEC Court Case and Hinman Documents Impact XRP and Crypto Markets

XRP drops 4.6% following the release of the Hinman documents in Ripple's ongoing legal battle with the SEC over allegedly selling unregistered securities. Ripple sought the release of the documents to clarify the former SEC director's 2018 speech, which stated that Ethereum was not a security due to being "sufficiently decentralized." Ripple claims that the speech caused confusion when they were sued for selling an unregistered security. XRP initially jumped 6% after the release of the emails but dropped again after Ripple's chief legal officer claimed that Hinman "invented factors" and ignored warnings.