A former lawyer and co-founder of Evernote, Scott Chamberlain, an attractive agreement platform on XRPL, provided his perspective on the latest SEC vs. Ripple case updates. He thinks the probability of the case being resolved through a trial has risen.
Chamberlain justified his opinion by pointing out that the conflicting analyst testimony presented in yesterday’s events makes it challenging to reach a summary verdict.
According to U.Today’s report yesterday, Judge Torres prevented a substantial SEC witness from testifying about the motivations behind individuals purchasing XRP.
Chamberlain expressed that despite various disputed facts from both sides, the aspect which pertains specifically to the purchase of XRP with the anticipation of gaining profits from Ripple’s activities may need to be proven.
He mentioned that this could potentially lead to severe implications for the SEC. The ex-lawyer stated that John Deaton, who serves as legal counsel for XRP holders and specializes in cryptocurrency law, significantly impacted the case.
Chamberlain observed that Deaton’s attempts resulted in an event where the testimony of 75,000 XRP holders concerning their reasons for purchasing the digital currency contradicted the testimony of one SEC witness, whom the judge ultimately stopped speaking.
At present, the digital currency industry is showing a mixed picture. In the short run, XRP has separated from Bitcoin’s dominant price effect and is now among the alternative coins that have done so. XRP’s current trading price is 0.3869 dollars, indicating a 6.01 percent increase from the time of writing. As a result, XRP is gradually recovering from the losses it experienced the previous week.
The uncertain classification of XRP as a security makes it difficult to observe a consistent upward trend in cryptocurrency. Nevertheless, the indictment involving the United States Securities and Exchange Commission and Ripple Labs Inc, the linked payment company, is almost ending, and the asset’s strongest advocates seem to be engaging in a buying frenzy today.
Suppose the ongoing lawsuit goes unfavorably for Ripple. In that case, the token’s optimistic prospects are still based on the fact that it would have established a solid presence in countries where it can operate without hindrance.
XRP Widespread Ownership
Compared to newer digital currencies, XRP is a more established one. It ranks as the sixth largest cryptocurrency, with a market capitalization of 19.6 billion dollars, and many individuals own it.
FTX Derivatives Exchange, which is no longer in business, has revealed that it owes its customers up to 93 million dollars worth of XRP, as reported by U.Today. As XRP is currently being promoted as the primary asset for a new smart contract boost via XRP Ledger, more individuals are expected to own it soon.
XRP, the digital currency linked to Ripple, has been experiencing a downtrend recently due to a significant resistance level in the form of a descending price network. Nonetheless, there are indications that XRP might be on the brink of a positive upturn. Over the last few days, XRP has demonstrated a gain of approximately five percent, suggesting that it may soon break through the resistance and trend upwards.
From the beginning of 2022, XRP has been confined to a downward-sloping price network, causing dissatisfaction among several investors due to the negative trend. However, there is some optimism among investors now, as a recent change in price has indicated that XRP might be approaching a possible reversal. If XRP manages to overcome the resistance, it could begin a new positive trend for the cryptocurrency.