XRP community expects resolution of Ripple lawsuit to be very close as price close to $1
As investors weighed the most recent court decision in the Ripple litigation, the XRP price increased. On March 7, XRP experienced a remarkable recovery, going from intraday lows of $0.357 to intraday highs of $0.374. This comes after James K. Filan, a lawyer who frequently tweets about the Ripple case, reported on March 7 that Judge Torres had made a decision about the parties’ motions to exclude expert testimony.
Some of the gains had slowed, and at the time of writing, XRP had only increased by 2% over the previous day to trade at $0.37. The XRP community welcomed the decision with confidence. On Twitter, “Mr. Huber,” a supporter of XRP, wrote: “A close win for Ripple on a purely mathematical basis.”
Why are all witnesses of Ripple actually listed by name? I suppose there are also some maxis who might threaten Ripple’s witness for supporting an “obvious fraud and Ponzi scheme!”
— Mr. Huber🔥🦅🔥 (@Leerzeit) March 7, 2023
Attorney John Deaton for XRP investors shared the specifics of the decision on his personal Twitter account. In response to Deaton’s tweet, a user enquired whether the most recent developments might provide hints or ideas regarding the amount of time left before summary judgment.
I seriously doubt that we see a significant delay from here. Could be tonight or in a couple weeks.
— John E Deaton (@JohnEDeaton1) March 7, 2023
Deaton had a cheery response: “I seriously doubt that we see a significant delay from here. Could be tonight or in a couple of weeks.” Fred Rispoli, an attorney and party to the Ripple litigation repeated this idea in a motion to appear as pro hac vice that he submitted on behalf of Reaper Financial.
As seen by the recent partial success of LBRY, a significant price surge is almost certainly in store if Ripple prevails in its lawsuit against the SEC. There might be a different outcome than there was in December 2020, when the SEC filed the action.
The price of XRP plunged by an astounding -72% in just one week. The cost fell precipitously from $0.60 to $0.17. Since this event, XRP has consistently underperformed Bitcoin and Ethereum.
The relisting of XRP on US exchanges among other considerations may motivate XRP bulls to make up for this shortfall. It is impossible to forecast how far the price might rise, but a study utilizing Fibonacci retracement levels can offer some hints.
- Judge Torres Refused SEC’s Request To Revoke John Deaton’s Amicus Status In The Ripple Lawsuit
- The Ongoing Legal Battle Between The SEC And Ripple Continues With A New Court Ruling
- SEC May Lose On These Grounds In The Ripple Lawsuit, Crypto Lawyer Echoes Community Belief