Ripple up 6%, crypto lawyer predicts legal victory

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Cryptocurrency lawyer John Deaton has provided insight into the ongoing U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple, hinting at a favorable outcome for the latter.

Deaton predicts Ripple will achieve “99.9% legal victory” in its lawsuit with the SEC. Deaton’s comments were prompted by a post by Ripple Chief Legal Officer Stuart Alderoty, which indicated a strong belief that the outcome of the lawsuit would be very favorable to Ripple.

Deaton believes that a settlement of $20 million or less would be a major legal victory for Ripple, and he dismissed the idea that the outcome of the lawsuit will be evenly divided for the SEC.

The lawsuit between the SEC and Ripple was launched in December 2020, accusing Ripple Labs of conducting an unregistered securities offering by selling its native token, XRP. However, many changes occurred in the case, and Ripple Lab’s partial victory brought a positive trend to XRP’s price action throughout 2023.

XRP price continues to rise

In the current cryptocurrency landscape, XRP is making waves, gaining 6.1% in the past 24 hours and currently trading at $0.646957.Every data Looking at data from CoinGecko, XRP has been primarily in the green during all periods over the last month. The coin is up 17.5% in seven days and 25.5% in the past two weeks. Its price has also increased by 25.2% since October 6.

Cryptocurrency Lawyer Predicts Legal Victory for Ripple, Coin Gains 6% - 1
XRP 30-day price chart | Source: CoinGecko

Data from Google Trends shows that in the United States, XRP has transcend Ethereum (ETH) is popular in 47 states, especially Delaware, Nevada, Louisiana, Arizona, and Hawaii.

XRP’s price activity throughout 2023 has been largely influenced by the ongoing litigation between Ripple and the SEC, and the cryptocurrency company’s incremental court victories appear to be contributing to XRP’s positive developments.

Analyst forecasts for the coin vary widely, from modest gains of 90 cents next year to bold estimates of $500.

XRP’s recent price activity points to a bullish trend.back transcend After breaking above the 200-day exponential moving average (EMA) line on October 21, the token price increased by nearly 20% in 11 days.

Market watchers believe that despite encountering strong resistance at the 0.386 Fibonacci retracement level of $0.625, if the price of XRP remains above $0.60, another bullish attempt may be possible.


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