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- Attorney Deaton is confident that Ripple XRP will emerge victorious against the SEC.
- The market analyst targets $10 for the XRP price in the near term.
Prominent Attorney John Deaton has taken to Twitter to speak on the SEC vs Ripple Lawsuit. Deaton, the founder and host of CryptoLaw is positive that XRP will snag a victory against the Securities and Exchange Commission’s (SEC) appeal.
Taking to Twitter, the attorney explained to his followers that the recent court events leading up to the appeal have already given Ripple a leg up. The attorney cited a recent Twitter thread, in which the author extensively broke down Judge Torres’ entire ruling process.
Deaton went on to explain why the ruling has already placed the U.S. SEC in an uncomfortable position. The attorney explained.
Excellent 🧵 explaining that Torres didn’t make a distinction between the different sales out of thin air. She took each type of sale CHOSEN and DEFINED by the SEC and applied the Howey test. I’m willing to bet significant funds she doesn’t get reversed on appeal.
According to the thread written by Bill Morgan, an Australian-based lawyer, the SEC placed the Ripple XRP token sales into three different categories. Judges at the press would later go on to inspect every single one of them and come to the conclusion that the aforementioned categories came with their distinct requirements.
Morgan who sided with the Judge proceeded to say the following; Morgan wrote.
In this case, the reasonable investor had different expectations in the very different set of facts in the different categories of Ripple sales and offers the SEC formulated. I don’t see any error in the judge’s reasoning..Sad for the SEC
The market player sees XRP tapping $10
Additionally, a handful of prominent finance figures are confident that the SEC’s ruling will favor investors in the entire cryptocurrency market. Notably, Cathie Wood, the CEO of Ark Invest, is convinced that the court ruling marks a significant development for the entire cryptocurrency community, as it is bound to set the tone for the future.
She went on to assert that the ruling could favor the Coinbase cryptocurrency exchange to a large extent. “There were some puts-and-takes but by and large very positive for exchanges. And so we’re very optimistic..” She said, in an interview with CNBC.
Meanwhile, Ripple (XRP) holders are extremely bullish at this time. Holders of the altcoin are anticipating a bullish rally; one that could send the asset to the $10 price mark.
Alex Cobb, a popular cryptocurrency YouTuber and XRP analyst, made the prediction using the Elliott Wave Theory. He referenced the massive altcoin rally recorded between 2014 and 2015 and expects to see altcoin bulls follow the same pattern.
#XRP We have waited 6 years for this moment, stacking up our bags as much as possible. Some could argue that history states one more final shakeout before the the sleeping giant awakes.
When we get there, don't let people call you "lucky"
XRP rewards brutal patience.
First… pic.twitter.com/QPenKtXkmo
— Alex Cobb (@AlexCobb_) August 6, 2023
At report time, XRP is trading for $0.61.although the asset has lost more than 10% of its weekly gains, the asset has managed to clear off hourly losses.
