Suggestions: Here are some points you may consider in your answer.
What is identity? How can it be defined and how does it shape or reflect peoples lived experiences?
Is there one single Hispanic identity? Does the absence of a single Hispanic identity necessary mean that we must reject the idea of Hispanic identity?
A shared (sense of) history (e.g. certain socio-political events)? Culture? Language? A common (linguistic) origin?
To what extent might diversity (racial, linguistic, ethnic, gender) be characteristic of Hispanic identity?
To what extent is the label Hispanic recognised by the people(s) to whom that label is attributed (e.g. US census)?