Altcoin
Ripple’s Appeal In SEC Lawsuit To Retain Status Quo: John Deaton
Crypto News: Just as the XRP price briefly broke the $0.56 level, lawyer John Deaton said this level would be key depending on the Summary Judgement in the SEC lawsuit. The XRP token price has been on the rise in the last one week, despite a correction in the crypto market as Bitcoin price adjusted to the Binance CFTC lawsuit news. Meanwhile, Bitcoin (BTC) had on Wednesday recovered the $28,500 level. This is because of anticipation of the lawsuit verdict as soon as this week or the following week.
Also Read: Crypto Twitter, CEO “CZ” Refutes China-Binance Link After US CFTC Suit
XRP Lawyer: Ripple To Appeal If SEC Wins
XRP lawyer John Deaton said Ripple would appeal the verdict if the U.S. Securities and Exchange Commission (SEC) wins the case. He said XRP has the most attractive risk to reward ratio among all altcoins. The token took an impressive 23% jump compared to a week ago. CoinGape earlier reported that a bullish breakout from the $0.55 resistance to $0.57 set the XRP price for a potential 40% rally. Similarly, Deaton wondered what could be the upside to the token’s price if it Ripple wins the lawsuit.
“If the SEC wins, what’s the downside from .45 (Same applies at .56)? Ripple appeals and we get the status quo. Ripple wins and its made clear XRP isn’t a security?”
After breaching the resistance, the token’s next resistance level stands at $0.65 and $0.72. But, the crypto market could on the whole could benefit on a wider level of Ripple defeats the SEC, which accused the company of selling unregistered securities.
Also Read: Australia Introduces Crypto Market Regulation Bill In Parliament
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