XRP Hits 3-Month High as Attorney Predicts 99.9% Win in SEC Lawsuit

John Deaton, the attorney representing XRP holders, has put forward a compelling argument that could potentially result in a 99.9% legal victory for Ripple in its ongoing legal battle with the SEC. Deaton’s Analysis challenges the prevailing belief that the SEC’s stance in the Ripple case is evenly split 50-50. Instead, he contends that the advantage heavily favors Ripple, resembling a 90-10 split in their favor. If Ripple ends up facing penalties of $20 million or less, this interpretation could lead to a resounding legal win for the company.

Deaton’s perspective has been prompted by a recent post by Stuart Alderoty, the Chief Legal Officer of Ripple. It highlighted another legal setback for the SEC in the ongoing lawsuit. This viewpoint resonates with the sentiment prevalent in the cryptocurrency community. Several have been viewing a potential settlement of $20 million as a positive outcome for Ripple. This assessment takes into consideration the broader implications of the XRP lawsuit and the regulatory landscape surrounding digital currencies.

Also Read: Ripple: XRP Price Prediction For The Weekend

XRP Hits 3-Month High

In a surprising turn of events, XRP has seen a significant resurgence in its market value. It hit a three-month high with a price exceeding $0.68. This surge in value represents a noteworthy recovery since Aug. 2 and coincides with XRP’s impressive 23% gain against Bitcoin within just one week. Notably, wallets holding between 100,000 and 1 billion XRP have reached their highest level in 2023. This resurgence has piqued the curiosity of cryptocurrency enthusiasts and investors. This further prompted an exploration of the factors driving this surge in the token’s value.

Source

Several key factors contributed to the recent upswing in XRP’s price. Firstly, renewed interest in the XRPLedger, the foundational blockchain of the XRP ecosystem, has played a pivotal role. This blockchain has been gaining recognition for its efficient and scalable technology, making it an appealing choice for both institutional and retail investors.

Furthermore, the recent rally in XRP’s value, along with the positive legal developments in Ripple’s SEC case, underscores the resilience and potential of this cryptocurrency. While the outcome of the lawsuit remains uncertain, Deaton’s optimistic scenario and the broader market trends indicate that Ripple and XRP may be well-positioned for future success. The cryptocurrency community and investors are closely monitoring the courtroom developments, as they have the potential to influence the regulatory landscape and the digital currency market as a whole.

Also Read: Dubai Incorporates XRP Into Special Economic Zone

  • crypto
  • cryptocurrency
  • Ripple
  • sec
  • xrp

Comments

Post a Comment

Popular posts from this blog

Genesis-Parent DCG Agrees to Settle Creditors' Claims

Image
Earlier this year in January 2023, Genesis filed for Chapter 11 bankruptcy after facing a major liquidity crisis following the collapse of crypto exchange FTX. The recent filing from Genesis parent DCG notes that the bankrupt crypto lender holds liabilities of $630 million in unsecured loans due in May 2023. Additionally, it also has a $1.1 billion unsecured promissory note due in 2032. advertisement As per the in-principle deal, the Digital Currency Group ( DCG ) is looking to undertake new debt facilities along with a repayment agreement. This will include a $328.8 million first-lien facility along with 2-year maturity. Additionally, it will also include a $830 million second-lien facility with a 7-year maturity. The filing notes that DCG is planning to pay a total of $275 million to its creditors in four installment payments. If executed, the proposed plan could lead to anticipated returns of approximately 70% to 90% for unsecured creditors in terms of U.S.
Read more

Gemini Foundation, A Non-US Derivative Platform Goes Live

Image
Join Our Telegram channel to stay up to date on breaking news coverage A US-based crypto company, Gemini, has officially launched international derivative trading to serve around 29 countries and territories outside the United States. Gemini Foundation, the much-anticipated non-US derivative platform, has gone live and allows its customers to trade spot and derivative products. However, the new service targets retail and institutional traders, excluding US, UK and EU customers. 1/ We’re thrilled to announce that Gemini Foundation’s derivatives platform is now live with our BTC/GUSD perpetual contract trading across 30 countries. https://t.co/NyQLKhsZYt — Gemini (@Gemini) May 2, 2023 Nonetheless, some of the jurisdictions eligible for the services include Singapore, Hong Kong, India, Argentina, Bahamas, Bermuda, British Virgin Islands (BVI), Bhutan, Brazil, Cayman Islands, Chile, Egypt, El Salvador, Guernsey, Israel, Jersey, New Zealand, Nigeria, Panama, Peru, Philippines, S
Read more

Crypto Market Cap May Not Drop Further, Predicts Renowned Trader

Image
The renowned crypto trader Michael van de Poppe predicted in a tweet published earlier today that the global crypto market cap may establish its low for this latest correction. In the post, he noted that the total crypto market cap was still trading above the 200-week EMA and 200-week MA lines. The recent drop in the crypto market cap was the result of the SEC suing Binance, the largest crypto exchange platform. Nevertheless, van de Poppe suggested that if the total stays above these two lines in the upcoming weeks, it would indicate that the latest market correction has reached its lowest point. Weekly chart for TOTAL/USD (Source: TradingView) At press time, CoinMarketCap indicated that the collective crypto market cap stood at around $1.09 trillion following a 3.83% drop in the past 24 hours. From a technical perspective, the total was still trading above the aforementioned 200-week EMA and 200-week MA lines highlighted by the trader. The two lines were, however, o
Read more