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HomeCrypto NewsMarketDeaton Taps XRP as an Attractive Investment at Current Prices

Deaton Taps XRP as an Attractive Investment at Current Prices


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The attorney lends his voice to XRP price speculations.

As we approach a ruling in the United States Securities and Exchange Commission (SEC) case against Ripple, speculations about its potential implications on the price of XRP have soared. In a tweet yesterday, Attorney John E. Deaton, who represents thousands of XRP holders as a friend of the court in the extended legal battle, lent his voice to these speculations.

According to the CryptoLaw founder, the asset has an attractive risk-to-reward potential in light of the impending ruling on so-called summary judgment. The ruling is expected in the next few weeks. It could even come this week, Deaton said. The attorney believes there is not much downside in XRP price if Ripple loses as the firm would appeal as they have alluded to, and we would maintain the status quo. However, he is optimistic that there could be some significant upside in XRP price if the asset classification becomes clear and Ripple obtains a favorable outcome.

The SEC, in a complaint in 2020, asserted that Ripple’s sale of XRP to fund its business violated securities law. According to the regulator, Ripple should have registered XRP as a security. What ensued is a legal battle that has spanned over two years as Ripple fights the SEC’s classification of XRP.

The SEC case forced most U.S.-based crypto exchanges to delist XRP in fear of litigation, causing an estimated $15 billion loss for holders with the price of XRP so far failing to reclaim its all-time high formed in 2018. However, it is generally believed that this could change if Ripple can achieve a positive ruling in the legal battle. 

Moreover, several technical analysts have tapped the asset to kick off a bull run this year. EGRAG CRYPTO, a confessed XRP permabull, said the bull run would kick off on July 1 based on historical price action with a final price target of $80 in the following months. For context, XRP is trading for $0.457 at the time of writing. 

Crypto Michael (@MichaelXBT), who predicted the asset’s rally last week, has asserted that the altcoin’s price would “go parabolic” while others barely move.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Okoya David
Okoya David
Okoya David Kio is a crypto enthusiast passionate about understanding what makes the nascent market tick. When he's not pondering about cryptocurrencies, you might find him in a BP debate room trying to proffer solutions to age-old societal problems.

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