The attorney is taking a stand against allegations made in an investor lawsuit against Ripple
In a long-running litigation against Ripple, John Deaton, an attorney and well-known member of the XRP community, is rebutting claims made by an investor.
A motion to submit an amicus brief in the Zakinov v. Ripple case has been developed by Deaton. Vladi Zakinov, the case’s lead plaintiff, requests that the court certify a class of all XRP holders who bought and are still holding XRP or sold XRP at a loss.
He argues that Ripple offered XRP as an unregistered security. All XRP sales, including secondary sales and foreign sales in nations where the contentious coin has already been found not to be a security, would be included in the proposed class, including XRP holders from all across the world.
Deaton will make the case that the court shouldn’t certify the class due to disagreements among XRP owners and the fact that while many XRP owners think it should be treated as a security, just a small percentage of XRP owners say the cryptocurrency is an unregistered security. Deaton will contend that the case’s few plaintiffs cannot fairly represent the many others who disagree with them, including owners of XRP in jurisdictions where the cryptocurrency is not regarded as a security.
Sorry, Zakinov doesn’t speak for me. When I first bought XRP, I was looking at what FinCen called it which they said it was a virtual currency. Thank you @JohnEDeaton1 for stepping in.
— Jeffrey Miller (@JeffreyBMiller4) February 7, 2023
The argument over whether XRP is a security has been going on for a while and is still a hot topic. On the future of XRP and the larger cryptocurrency market, the verdict in the Zakinov v. Ripple case could have a significant effect.
Whether its the @SECGov or a Plaintiff’s Attorney making the absurd argument that secondary market transactions of a token are also securities simply b/c it may have been previously offered or sold in a way that violated Section 5 of the Securities Act, I’ll see you in Court. https://t.co/WDPra4FZ5O
— John E Deaton (@JohnEDeaton1) February 7, 2023
The action filed by the U.S. Securities and Exchange Commission, which contends that Ripple broke securities laws by selling XRP, provided the plaintiffs more evidence to use in their own legal battle with the contentious corporation.
$1 XRP Incoming?
In the previous day, the price of XRP scarcely changed, rising by 0.1% to $0.398191. This represents a growth of 0.5% over the past week and a 15.5% increase over the past 30 days. The 24-hour trading volume for XRP is currently in the neighborhood of $1 billion.
Such volume is more than it was earlier in the month, which suggests that XRP trading may be about to recoup from some of the losses it sustained over the weekend. And with a decision in the Ripple-SEC lawsuit anticipated within the next few months, XRP may soon see some very significant increases.
Whales have been stockpiling XRP in recent days, which increases the likelihood that large swings may occur soon.
The massive $XRP transfers continue.
In the past 24 hours alone, whales moved over 410 million $XRP.
— DS (@XPunkDS) January 29, 2023
This potential is also presented by the Ripple-SEC lawsuit, which is still pending and may result in a spike in XRP price when it is resolved. And according to Brad Garlinghouse, CEO of Ripple, it will be over by the end of the first half of 2023, or at the latest, by the end of the year.
In fact, it’s widely believed that both parties are currently doing little more than waiting for Judge Analisa Torres to make a ruling. For instance, on January 20, US-based attorney James K. Filan tweeted, “Everything is Briefed,” meaning that all significant pieces of testimony and material had been filed.
#XRPCommunity #SECGov v. #Ripple #XRP Scheduling Update as of January 19, 2023. pic.twitter.com/a1ljUtGiV3
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) January 20, 2023
With all of this in mind, XRP is probably going to surpass the $1 threshold soon. From there, it might increase to $2 and beyond, possibly surpassing its previous record-high, which was achieved way back in January 2018 at $3.40.
Based on its fundamentals and a favorable outcome in the Ripple-SEC lawsuit, some XRP holders are even aiming for $5 or higher. Although at first glance this may sound overly hopeful, time will likely prove it to be so.
At the time of writing, XRP is changing hands at $0.39.
- The Most Recent Information Following The Victory On Secondary Market Sales In Ripple Ally V. SEC
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- Crypto Whales Are Now Shifting Millions In XRP Cause Its Utilization