- Lawyer John Deaton has clarified that he never predicted XRP would reach $10,000, countering claims that misrepresented his comments on the currency’s surge.
- Ripple’s ongoing lawsuit with the SEC has seen favorable developments, with a judge’s decision supporting the view that XRP is not a security in secondary markets.
Attorney John Deaton, known for his advocacy of XRP, has recently made headlines by addressing a misrepresentation of his statements regarding XRP’s potential market performance. A message from an XRP community member incorrectly suggested Deaton predicted a soaring valuation for XRP that could surpass Ethereum’s market cap based on a misunderstanding of his comments on legal developments favoring Ripple.
I call it the Rise of Legal Utility. https://t.co/ZXQHTCvqaq
— John E Deaton (@JohnEDeaton1) November 6, 2023
Deaton’s actual remarks were on the concept of “legal utility” driving XRP’s increase, a term he coined in relation to Ripple’s favorable rulings against the SEC. He denied making specific price predictions, particularly the $10,000 target, and refuted claims about XRP’s market cap doubling and eclipsing Ethereum’s. Deaton’s swift correction underscored the volatility of cryptocurrency markets and the sensitivity to public figures’ statements.
I never said all of this. I said today’s pump was called the rise of legal utility. For the record, I’ve never said any of the rest. I’ve certainly never said or implied XRP was going to the numbers below. https://t.co/QcPXCOp9jG
— John E Deaton (@JohnEDeaton1) November 6, 2023
The Ripple Effect: XRP’s Performance and Lawsuit Updates
XRP’s ascent coincides with critical moments in the lawsuit filed by the SEC against Ripple Labs in December 2020. The case accused Ripple of conducting an unregistered securities offering through XRP token sales. However, recent legal developments have tipped the scales, with Judge Analisa Torres ruling favorably regarding XRP’s status when traded on secondary markets.
The company’s Chief Legal Officer, Stuart Alderoty, took to social media to relay a recent legal win for Ripple in a related SEC case, which has influenced community sentiment. Market watchers have highlighted this legal milestone contributing to XRP’s positive price action.
Ripple’s position seems strong, with legal commentary giving the company a high chance of prevailing against the SEC. Attorney Deaton quantified this confidence, putting Ripple’s odds at 90%, and viewed any potential settlement under $20 million as a victory for the company.
As Ripple navigates through these judicial proceedings, the crypto industry’s eyes are closely watching. The outcomes could set precedents affecting not just Ripple but the regulatory environment for digital currencies broadly. A joint briefing schedule requested by Judge Torres is due soon, which may prompt further developments in this high-profile case.
In the midst of these unfolding events, XRP has maintained a 22% increase over the past week, indicating the market’s reaction to the combination of legal updates and trading behaviors. With analysts like Dark Defender setting price targets at higher thresholds, investors and enthusiasts remain watchful for the next wave of news from the legal sector that could impact the market.
Market Impact and Broader Implications
The lawsuit’s progression is a crucial storyline in the evolving landscape of cryptocurrency regulation. The recent court decisions serve as a litmus test for the legal status of digital assets and a benchmark for future SEC actions against other cryptocurrencies.
XRP’s case has brought the debate over the definition and regulation of digital assets to the center stage, with potential ramifications for investors, other crypto projects, and regulatory bodies. The SEC’s approach to cryptocurrency regulation has been under intense scrutiny. Ripple’s current stand in the court could influence how digital assets are treated in the United States moving forward.