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Ripple: XRP soars (+25% in 24 hours)

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For many observers, the lawsuit between Ripple and the SEC (Securities Exchange and Commission) could be coming to an end. And more and more of them believe that the outcome could be favorable for Ripple, leading to high expectations among crypto investors.

Who Is John Deaton?

A central figure in the lawsuit between the SEC and Ripple, John Deaton is a lawyer. While he does not directly represent Ripple’s interests, he advocates for over 64,000 XRP token holders. He is also the founder of Cryptolaw, a site that condenses many articles dealing with cryptocurrencies and regulations.

In his pro-Ripple analysis, Deaton believes that it would be difficult for the SEC to prove a correlation between the price of the XRP token and Ripple’s public announcements. He also adds that the SEC is unable to prove certain allegations regarding Brad Garlinghouse or Chris Larsen. Thus suggesting a favorable outcome for the Ripple business.

A few months ago, another group of lawyers came out in favor of an end to the legal aspect between the SEC and Ripple for next April. On February 5, it was Jeremy Hogan, also a lawyer, who predicted “an exciting next few months in the SEC vs. Ripple case. It would therefore seem that crypto lawyers are leaning more towards a victory for Ripple. Positive storytelling which therefore inevitably fuels the upward trend of recent days.

What Impact On Ripple’s Price?

This announcement had a strong impact on the price of XRP, although it is difficult to measure the isolated impact. Thus, over the last 24 hours, the price of the token has risen by more than 25%. In the middle of the day, the change over 24 rolling hours was even greater than 30%. If we refer to the last week, the project is up more than 35%. Currently, the token is trading at $0.83. It just passed a resistance above $0.70 which corresponded to a Fibonacci retracement of 61.8%.

However, the increase should be qualified because it occurs in a particularly favorable climate. Thus, at the time of writing these lines and over the last 24 hours, the crypto market as a whole is still in clear progression: + 5.53%. Among the top 100 crypto projects, XRP is the one with the strongest 24-hour progression, just ahead of the surge of the Shiba Inu. Over the last 7 days, only Gala and Quant are doing better with respective increases of 81 and 62%.

Ripple Vs SEC: An Impact On The Crypto Market?

While the Ripple vs SEC lawsuit will necessarily have an impact on the price of the token and the evolution of the project, some observers think even more globally. According to these specialists, the outcome of the project could have an even wider impact and rebound on the entire crypto market. Indeed, the decision rendered by the SEC could whether positive or not, act as a case of jurisprudence. As John Deaton pointed out not long ago:

Even if you hate the company Ripple and despise the digital asset XRP, you better pray that the SEC fails in what it’s trying to do.

Investors will therefore continue to watch the development of this affair, which has now lasted for more than 13 months.

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