Ripple gains 6%, crypto lawyer predicts legal triumph
Crypto attorney John Deaton has offered insights into the ongoing Securities and Exchange Commission (SEC) vs. Ripple lawsuit, suggesting a favorable outcome for the latter.
Deaton has predicted a “99.9% legal victory” for Ripple in its ongoing case versus the SEC. Deaton’s comments were prompted by a post from Ripple Chief Legal Officer Stuart Alderoty, indicating a strong belief that the outcome of the lawsuit weighs heavily in Ripple’s favor.
Deaton contended that a settlement of $20 million or less would be a significant legal triumph for Ripple, refuting the idea that the lawsuit’s result would be an even 50/50 outcome for the SEC.
The lawsuit between SEC and Ripple, initiated in December 2020, accuses Ripple Labs of conducting an unregistered securities offering by selling its native token, XRP. However, the case has seen numerous changes, with Ripple Lab’s partial wins contributing to a positive trend for XRP’s price action throughout 2023.
XRP price rally continues
In the current crypto landscape, XRP is making waves, with a 6.1% rise over the last 24 hours, positioning it at $0.646957. Per data from CoinGecko, XRP has primarily been in the green in all periods in the previous month. The token gained 17.5% over seven days and 25.5% in the last fortnight. Its price also went up by 25.2% since Oct. 6.
Data from Google Trends revealed that, in the U.S., XRP had surpassed the popularity of Ethereum (ETH) in 47 states, particularly in Delaware, Nevada, Louisiana, Arizona, and Hawaii.
XRP’s price activity throughout 2023 has largely been influenced by the ongoing lawsuit between Ripple and the SEC, with the crypto company’s incremental victories in court seemingly contributing to a positive trajectory for XRP.
Analysts’ forecasts for the token vary significantly, ranging from a moderate boost to 90 cents in the next year to an audacious estimate of $500.
XRP’s recent price activity suggests a bullish trend. After surpassing the 200-day Exponential Moving Average (EMA) line on Oct. 21, the token’s price saw an almost 20% rise in 11 days.
Market watchers feel that despite encountering strong resistance at the 0.386 Fibonacci retracement level at $0.625, the possibility of another bullish attempt is likely if XRP’s price remains above the $0.60 level.
