XRP Prices Face Resistance After Initial Surge
XRP token prices saw a setback after a significant surge from $0.49 to $0.72, falling to $0.61 by the following Sunday in Tokyo. This decline marked a shift in the cryptocurrency’s value. Meanwhile, John Deaton, the attorney involved in the notorious XRP case, reiterated that “XRP is a utility token at its core,” highlighting the fundamental nature of XRP tokens.
Amicus Lawyer Outlines Ripple Lawsuit Victory
Deaton expressed frustration with securities lawyers arguing that XRP is a security, countering with the belief that the asset itself is not a security. He emphasized the SEC’s complaint and the need to differentiate the asset from its marketing and packaging.
— John E Deaton (@JohnEDeaton1) November 17, 2023
Deaton’s perspective on Ripple Labs’ case focuses on the simple logic that led him to believe the judge would rule in favor of XRP not being a security. He emphasized the importance of following the law and not turning a blind eye to government overreach, even when it involves unpopular defendants.
Potential Outcomes of the SEC’s Lawsuit Against Ripple
Despite some temporary victories for Ripple, not everyone shares the same optimism. Charles Gasparino, a senior correspondent at Fox Business, believes that Ripple’s wins are only temporary and that the lawsuit is headed for a full trial in April in the U.S. Circuit Court Southern District of New York.
The unresolved nature of the lawsuit could ultimately lead to a Supreme Court decision, as both the SEC and Ripple CEO Brad Garlinghouse seem willing to pursue the case to the highest court in the nation.
Hot Take: XRP’s Legal Battle Continues
The fluctuating fate of XRP in its legal battle has left many uncertain about its future. As the lawsuit progresses, the implications for the cryptocurrency market and regulation remain uncertain. The persistence of the SEC’s case against Ripple has the potential to shape the future of crypto laws and regulations.
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