XRP Price Set to Skyrocket to $10 if Ripple Wins Lawsuit – Lawyer Asserts

June 5, 2023 Nitish shaw Cryptocurrency News 2

XRP Price to Hit New All-Time Highs as XRPL Adoption Goes Mainstream

Ripple Labs is expected to secure a victory in its lawsuit against the Securities and Exchange Commission (SEC), with a 97% chance of success, according to a legal expert. The lawsuit, which was filed in December 2020, alleges that Ripple Labs sold XRP as an unregistered security.

The lawyer, John Deaton, who is representing over 67,000 XRP holders in a separate lawsuit against the SEC, said that he believes Ripple Labs will win the case, reports ETHNews. He cited several reasons for his optimism, including the fact that the SEC has not been able to provide any evidence that XRP is a security.

Deaton also said that the SEC’s case is weak because it is based on the Howey Test, which was developed in 1946 to determine whether an investment is a security. The Howey Test has been criticized by legal experts for being outdated and irrelevant in the context of modern cryptocurrencies.

If Ripple Labs is successful in its lawsuit, it could have a major impact on the cryptocurrency market. The SEC’s lawsuit has been a major overhang on the XRP market, and a victory for Ripple Labs could send the price of XRP skyrocketing.

Deaton predicted that the price of XRP could reach $10 if Ripple Labs wins its lawsuit. He said that this would be a “conservative” estimate, and that the price of XRP could even go higher.

The outcome of the Ripple-SEC lawsuit is eagerly awaited by the cryptocurrency community. A victory for Ripple Labs would be a major victory for the cryptocurrency industry, and it would send a strong signal to regulators around the world.

Related Stories:

Ripple Chief Monica Long Makes the Case for Crypto in the New York TimesRipple vs SEC Lawsuit Latest: A Pro-Ripple Lawyer Reveals Shocking Facts Ripple vs. SEC: what comes next?XRP vs SEC latest: Another Attorney Quits Ripple’s Legal Team in Ongoing SEC Lawsuit Ripple Hacked for $112 Million in XRPSEC Releases Hinman Documents in Ripple Case XRP Price Could Fall as SEC Wins Request To AppealXRP Price Could Fall as SEC Wins Request To Appeal Ripple vs. SEC: what comes next?Ripple Wins Major Victory in SEC Case Ripple vs. SEC: what comes next?Ripple vs SEC lawsuit: John Deaton predicts these 4 possible outcomes of the case XRP Price Explodes Over 70% as Judge Rules In Favor of Ripple in SEC Case XRP, the native cryptocurrency of the Ripple network, has surged by more than 70% in the past 24 hours, reaching its highest level since May. The price spike came after a U.S. judge denied the Securities and Exchange Commission's (SEC) request to access Ripple's legal communications. What is the SEC's lawsuit against Ripple? The SEC filed a lawsuit against Ripple and its executives in December 2020, alleging that they sold $1.3 billion worth of XRP as unregistered securities. Ripple has argued that XRP is not a security, but a digital asset that is used for cross-border payments and remittances. The company also claimed that the SEC did not provide fair notice to the market about its regulatory status. How did the judge rule in favor of Ripple? On June 30, U.S. Magistrate Judge Sarah Netburn denied the SEC's motion to compel Ripple to produce documents related to its legal advice on XRP. The judge ruled that Ripple's communications with its lawyers are protected by attorney-client privilege, and that the SEC failed to show a "substantial need" to access them. The judge also noted that the SEC's request was "overly broad" and "disproportionate". What does this mean for XRP and the crypto market? The judge's ruling is seen as a major victory for Ripple and a setback for the SEC, as it could weaken the agency's case against the company. The ruling also boosted the confidence of XRP investors, who have been waiting for a resolution of the legal dispute. XRP's price jumped from around $0.6 to over $1 in a matter of hours, making it one of the best-performing cryptocurrencies in the market. The rally also lifted other altcoins, such as Stellar, Cardano, and Dogecoin. What are the next steps in the lawsuit? The lawsuit is still ongoing, and both parties are expected to continue their discovery process until August 31. The SEC has also filed a motion to extend the deadline for fact discovery by 60 days, citing the complexity of the case and the need for more time to review documents. Ripple has opposed this motion, arguing that it would cause further harm to its business and customers. The judge has not yet ruled on this motion. Conclusion XRP's price has exploded over 70% as a U.S. judge ruled in favor of Ripple in its lawsuit with the SEC. The ruling denied the SEC's request to access Ripple's legal communications, which are protected by attorney-client privilege. The ruling is seen as a major win for Ripple and a boost for XRP investors, who have been waiting for a positive outcome of the case. The lawsuit is still ongoing, and both parties are expected to continue their discovery process until August 31.Ripple (XRP) Price Explodes Over 70% as SEC Loses Key Round in Battle Ripple CEO and General Counsel Slam SEC in Twitter Rant Amid Ongoing LawsuitRipple vs. SEC Dispute: Deaton’s Analysis of Judge Torres’ Strategy to Postpone Ruling
Avatar photo
About Nitish shaw 219 Articles
An aspiring novelist and a random blogger, Nitish is also a porky-mouthed banter specialist when it comes to football (soccer), films, TV Series, History and socio-economic issues. He travels, indulges in music and plays outdoor sports to get his creative juices flowing. “There’s the scarlet thread of murder running through the colorless skein of life, and our duty is to unravel it, and isolate it, and expose every inch of it.”- Quote this, and you will be his favorite person for at least as long as the two of you can hold up the conversation.

Be the first to comment

Leave a Reply

Your email address will not be published.


*