The long-running Ripple saga has become a battle of titans between the crypto industry and the United States Securities and Exchange Commission (SEC), filled with twists and turns. But now as we approach a potential end to the high-stakes lawsuit, pro-XRP lawyer John Deaton has given his predictions.
A leading Ripple lawyer, John Deaton, stated publicly the chances of the SEC securing an outright win against Ripple at less than 3% at this point,
Back in December 2020, the SEC took legal action against Ripple, accusing the company of conducting an unregistered securities offering through the sale of its native cryptocurrency, XRP.
SEC V. Ripple: A Potential Splitting Verdict
Deaton laid out various possible outcomes for the case while speaking on a crypto podcast.
The lawyer explained he predicts a 25% chance that U.S. District Judge Torres, who presides over the case, rules wholly in favor of Ripple.
Furthermore, he sees a 50% likelihood that Ripple will secure a victory via a “splitting the baby” ruling, referring to the idea that the judge may decree XRP was an unregistered security only prior to 2018.
In this scenario, the judge draws on the precedent set by the Hinman documents, SEC’s internal messages relating to a 2018 speech by former SEC Director William Hinman.
In his address, Hinman suggested that cryptocurrencies could transition from securities to commodities once they attain sufficient decentralization.
While Ripple’s executives, including CEO Brad Garlinghouse, have been anticipating an imminent conclusion to the lawsuit, Deaton underlined that Judge Torres is likely to reach a final decision before September 30 this year.
The lawyer drew attention to what he dubbed a “six-month list” that district judges must file to Congress, detailing all the summary judgments pending for over six months.
Moreover, the crypto community is looking forward to the potential unsealing of the Hinman materials on June 13, which may significantly impact the case.
And none of this has stopped the Ripple CEO from pressing forward with Ripple’s 2023 project roadmap.
Lol do you realize what @Ripple did within just the last 72h since Torres issued her order on the Hinman emails? They aquired @metaco_sa, launched a CBDC plattform and hired an ex @amazon CFO. Looking forward to next week!
— Mr. Huber (@Leerzeit) May 19, 2023
Stay tuned for our upcoming Ripple Price Prediction as we delve deeper into the future of XRP in the wake of these legal developments.
Ripple (XRP) Price Analysis: Poised for Bullish Breakout?
As the multi-year SEC v. Ripple saga draws to a much-awaited conclusion, XRP price is currently trading at $0.53 (a 24 hour change of -0.45%).
This comes following a sensational +30% rally over the past 25 days, which has seen XRP smash through multiple price levels at $0.45 and $0.50 unfazed.
Now on the verge of breakout, at 2023 topside resistance above the $0.50 price level – price action awaits the final victory bell to blast to the upside.
Amid the many reasons to be bullish, the recent explosive growth in XRP value has seen price diverge significantly from the MA20.
With price action currently trading +9.5% above this key zone of moving average support around $0.48.
And this sentiment is bolstered by the strong bounce on May 11 from the steadfast footing of the MA200.
While technical structure seems to be heading into a skyrocket rally, oscillators dampen the flame, with the RSI heating up significantly on this upside swing to a 69.22 reading.
This is a strong overbought signal, and reflects a need to consolidate or retrace following the sensational push up – however, the fundamentals driving XRP here could break even the most sophisticated indicators.
Providing some silver lining, the MACD contrasts the bearish RSI with a bullish divergence at 0.0065, adding weight to the impending breakout thesis.
Ripple Price Prediction: How High Can XRP Go?
If the growing bullish sentiment stemming from the SEC v. Ripple case is correct then the Ripple price prediction could see upside potential that many XRP holders have dreamed about for many years.
On the more conservative short-time frame as XRP markets await judgement, there is an upside target at the topside level of the trading channel around $0.60 (a possible +12.46% move from here).
Downside Risk on the other hand remains close-by, backed by strong fundamentals, a retracement would likely catch support at the MA20 at $0.48 (a possible -10% slide from here).
This leaves the Ripple price prediction facing a Risk: Reward ratio of 1.24 – a good entry for a long characterised by strong upside reward.
Stay tuned with Business2Community for the latest cryptocurrency price predictions.
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