Mobarak says XRP price action during the release of Hinman’s document indicates what’s coming for the asset when Judge Torres issues summary judgment in SEC vs. Ripple case.
Yassin Mobarak, the founder of VC firm Dizer Capital, has commented on XRP’s recent price action. Recall that XRP surged nearly 10% on Tuesday following the release of Hinman’s emails.
XRP Loses 10% Of Its Gain in 24 Hours
According to data from Coingecko, XRP spiked to a high of $0.5589 on Tuesday, June 13, 2023. XRP, which became the fifth-largest crypto by market valuation on Tuesday, has shredded a significant percentage of its gains.
The coin has lost over 10% of its value and is back to the sixth position in the crypto market cap ranking.
Dizer Capital Founder Reacts
Reacting to the development, Mobarak said XRP price movement following the release of Hinman’s docs “is peculiar and a sign of what is to come.”
According to Mobarak, the release of Hinman’s emails prompted the price of XRP to rally tremendously. He said a massive selling volume was recorded after Hinman’s emails were released, which countered the coin’s rally.
“This tells me someone (s) was expecting this pump and got XRP funds ready to dump to keep suppressing the price,” said Mobarak.
Notably, Mobarak urged XRP enthusiasts not to be surprised if they experience a similar price action when Judge Analisa Torres issues her summary judgment decision for the SEC vs. Ripple case.
He added that “whether the suppression action will be enough to counteract XRP demand” remains to be seen” once the coin gets clarity.
I don't usually talk about $XRP price, but its behavior yesterday as the news dropped about the Hinman Docs seems peculiar and a sign of what's to come.
The news caused $XRP price to spike, then we saw a massive selling volume to counteract the price rise. This tells me someone… pic.twitter.com/zNeZYeeien
— Yassin Mobarak ? (@Dizer_YM) June 14, 2023
No Official Date for SEC vs. Ripple Final Verdict
With Hinman’s emails released, the crypto community expects the judge to issue a final verdict in the Ripple case soon. There is still no official date for the ruling.
It bears mentioning that many expected Hinman’s emails to contain a “bombshell” that could help Ripple win its case against the SEC. However, analysts say there is nothing of such, thus making it difficult to predict the lawsuit’s outcome.
XRP Down 6.3% in 24 Hours
Meanwhile, XRP was trading around $0.474 in the hours leading up to press time. The coin took a hit yesterday alongside other crypto assets, including Bitcoin (BTC) and Ethereum (ETH).
XRP is currently down 6.3% over the past 24 hours, according to Coingecko data.
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