The SEC v. Ripple lawsuit continues to generate debate, with pro-XRP attorney John Deaton now aiming at former SEC Chair Jay Clayton’s recent comments. Clayton had previously stated that the initial issuance of XRP tokens constituted a securities transaction. Deaton, however, strongly disagreed with this assessment.
Oh how I would love to be on a panel discussion with Clayton. First of all, he’s misrepresenting the truth – as usual. There are no other cases with similar facts that found otherwise at summary judgment. Period. The judge in LBRY said his decision didn’t apply to secondary… https://t.co/TtBJ7j9WvQ
— John E Deaton (@JohnEDeaton1) December 9, 2023
Adding to the controversy is the question of programmatic XRP sales by Ripple executives. While XRP holders and Deaton argue that these sales did not involve securities, Clayton maintains his opposing view. Deaton has challenged Clayton to a public debate to further explore their contrasting viewpoints.
Meanwhile, crypto market sentiment has weighed on XRP’s price. In the past 24 hours, the token has experienced a decline, mirroring a broader market correction triggered by Bitcoin’s recent dip.
Despite the current price fluctuations, the XRP community remains optimistic. Galaxy Digital CEO Michael Novogratz recently acknowledged the “XRP Army” as a real and significant force, an opinion echoed by Deaton. The XRP Army’s active engagement, including the submission of crucial affidavits in the SEC v. Ripple lawsuit, is seen by many as a contributing factor to Ripple’s recent partial victory.
No one could argue @novogratz is wrong about the #XRPArmy being real. There were TWO THOUSAND EXHIBITS entered as evidence in the @Ripple case. In her decision, Judge Torres cited only a couple dozen of those exhibits. #XRPHolder Affidavits made the cut.
— John E Deaton (@JohnEDeaton1) December 10, 2023
It all began with the… https://t.co/ctpmG7w0rI
With the lawsuit still ongoing and the regulatory landscape surrounding XRP remaining uncertain, the coming months are likely to be eventful for the XRP community. While the price may currently be subject to market forces, the strong support from its dedicated community and the ongoing legal battle suggest that the future of XRP remains full of potential.
According to the chart, XRP price has been on a downward trend since July 2023. The price peaked at around $0.86 in July and has since fallen to $0.61 in December. This represents a decline of over 30% over the past 6 months.
XRP price is currently trading at 0.6124 which is below all major moving averages (20-SMA, 50-SMA, and 200-SMA). It is also facing resistance from the 20-SMA at $0.66 and if it can break above this resistance level, it could signal a bullish reversal.
