{"id":21591,"date":"2023-06-14T16:03:59","date_gmt":"2023-06-14T16:03:59","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/what-next-after-hinman-docs-hype\/"},"modified":"2023-06-14T16:03:59","modified_gmt":"2023-06-14T16:03:59","slug":"what-next-after-hinman-docs-hype","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/what-next-after-hinman-docs-hype\/","title":{"rendered":"What next after Hinman docs hype?"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/1686756292928-8706ff9b-976b-4cf4-979b-c7497a75ebcc-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/1686756292928-8706ff9b-976b-4cf4-979b-c7497a75ebcc-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/1686756292928-8706ff9b-976b-4cf4-979b-c7497a75ebcc-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/06\/1686756292928-8706ff9b-976b-4cf4-979b-c7497a75ebcc-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li dir=\"ltr\">XRP price has dipped to near $0.50 after jumping to above $0.55 on Tuesday.<\/li>\n<li dir=\"ltr\">The gains followed the eventual release of documents related to a speech by former SEC official Willian Hinman.<\/li>\n<li dir=\"ltr\">Analysts say XRP\u2019s spike might have been a \u201csell the news event\u201d although upside potential remains if market conditions align.<\/li>\n<\/ul>\n<p dir=\"ltr\">The price of <a href=\"https:\/\/coinjournal.net\/ripple\/\">XRP<\/a>, the cryptocurrency of blockchain company <a href=\"https:\/\/coinjournal.net\/news\/tag\/ripple\/\">Ripple<\/a>, has declined to support at $0.50 after the momentum that pushed it above $0.55 on Tuesday faded dramatically a day later.<\/p>\n<p dir=\"ltr\">XRP\u2019s rally had been propped largely by the hype surrounding the release of key documents from a <a href=\"https:\/\/coinjournal.net\/news\/hinman-speech-contained-made-up-analysis-ripples-chief-legal-officer-says\/\">2018 speech by then SEC official William Hinman<\/a>.\u00a0<\/p>\n<p dir=\"ltr\">While the token became crypto mega caps\u2019 largest gainer as the documents were finally released to the public, today saw the coin flip -8.4% earlier to give up the upside ground.<\/p>\n<p dir=\"ltr\">The dip, which comes as the broader crypto market mirrors action on Wall Street amid investor anxiety of what comes next after today\u2019s <a href=\"https:\/\/coinjournal.net\/news\/tag\/us-federal-reserve\/\">Fed rate<\/a> decision, threatens to push XRP beneath the critical support area.<\/p>\n<h2 dir=\"ltr\">XRP price: analysts\u2019 take<\/h2>\n<p dir=\"ltr\">On Tuesday, crypto investor and analyst Scott Melker<a href=\"https:\/\/twitter.com\/scottmelker\/status\/1668600109167177729\" rel=\"noopener noreferrer\" target=\"_blank\">\u00a0<u>pointed out<\/u><\/a> that XRP had \u201cone of the clearest charts.\u201d<\/p>\n<p dir=\"ltr\">This is because the price had broken downtrend, before retesting the area as well as the 50 MA as support. He noted that bulls faced a clear resistance at $0.5597, which is where XRP retreated from and likely marked the \u201csell the news\u201d point following the release of the Hinman files.<\/p>\n<p dir=\"ltr\">Melker predicted that XRP\/USD would look to retest $0.915 if the upside momentum held. That appears to be in danger with the price of XRP down 4.5% in the past 24 hours as of 10:40 am ET. Any further declines could see bears target recent support in the $0.46 region.<\/p>\n<p dir=\"ltr\">However, XRP is still within a symmetrical triangle on the weekly chart and crypto YouTuber and trader Crypto Rover <a href=\"https:\/\/twitter.com\/rovercrc\/status\/1668976080060026880\" rel=\"noopener noreferrer\" target=\"_blank\">says<\/a> a breakout is imminent. As a continuation pattern, the potential flip upwards is suggested by the move to the upper converging trendline.<\/p>\n<div class=\"fr-img-space-wrap\"><span class=\"fr-img-caption fr-fic fr-dib fr-draggable\" style=\"width: 800px\"><span class=\"fr-img-wrap\"><\/p>\n<p dir=\"ltr\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/media.igms.io\/2023\/05\/14\/1686755445685-34ebefd8-8b8c-4f4c-b269-e3264d149b7d.jpg\" style=\"width: 800px\" class=\"fr-fic fr-dib\" width=\"800\" height=\"327\"\/><span class=\"fr-inner\">XRP price chart. Analyst Crypto Rover says breakout is imminent. Source: <a href=\"https:\/\/twitter.com\/rovercrc\/status\/1668976080060026880\/photo\/1\" rel=\"noopener noreferrer\" target=\"_blank\">Crypto Rover on Twitter<\/a><\/span><\/p>\n<p><\/span><\/span><\/p>\n<p class=\"fr-img-space-wrap2\">Should positive sentiment permeate the markets, likely from a new development that favours Ripple in its battle against the SEC, XRP could break out and target the psychological $1.<\/p>\n<\/div>\n<p dir=\"ltr\">On the flipside, a reversal\/breakdown will impact the token\u2019s price and welcome fresh bearish pressure.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/xrp-retreats-to-support-after-hinman-documents-release-hype\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) XRP price has dipped to near $0.50 after jumping to above $0.55 on Tuesday. The gains followed the eventual release of documents related to a speech by former SEC official Willian Hinman. Analysts say XRP\u2019s spike might have been a \u201csell the news [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":21592,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/21591"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=21591"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/21591\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/21592"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=21591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=21591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=21591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}