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.
XRP has the most attractive risk/reward ratio IMO. The Judge’s ruling is coming down w/in the next few weeks (maybe this week). If the SEC wins, what’s the downside from .45? Ripple appeals and we get the status quo. Ripple wins and its made clear XRP isn’t a security? Upside? 🤔
— John E Deaton (@JohnEDeaton1) March 26, 2023
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.
It’ll get painful for people who don’t own any $XRP. You’ll have to watch XRP go parabolic while your coins barely move. It’s fine tho, I will sell you my bags much higher and you will buy them due to FOMO.
— Crypto Michael (@MichaelXBT) March 23, 2023
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