Crypto Lawyer Says SEC vs. Ripple Verdict May Come This Week
- Deaton believes that Ripple can appeal the ruling in case the SEC wins a favorable verdict.
- The upside and downside of Ripple’s potential loss are yet to be determined.
Crypto lawyer John Deaton took to Twitter to share his thoughts on the latest developments in the Securities and Exchange Commission’s (SEC) controversial lawsuit against Ripple. Deaton is of the opinion that XRP, the cryptocurrency at the center of this lawsuit, has the most attractive risk-to-reward ratio.
John Deaton added in his tweet that a ruling from Judge Analisa Torres of the United States Southern District Court of New York is imminent and may come as soon as this week. According to the crypto lawyer, in the event that the securities regulator wins the case, Ripple will be able to restore the status quo by appealing such a ruling.
As far as the impact on XRP’s price is concerned, the upside and downside of both outcomes are yet to be determined. On one hand, a verdict in the favor of the SEC will shake investors’ confidence in the crypto industry and cause a significant decline in the value of crypto.
However, XRP’s recent price action suggests that investors are anticipating a favorable outcome for Ripple. The cryptocurrency has gained over 17% over the weekend, going from $0.41 to $0.48 at the time of writing. XRP’s daily trading volume has gone up more than 30% over the same period as traders line up to buy the crypto in anticipation of a positive ruling.
Meanwhile, Ripple executives have expressed confidence in the defense mounted by their legal team. In a recent interview with CNBC, Ripple President Monica Long stated that she was optimistic about reaching a positive resolution to the case, which started in December 2020. Long also added that an imminent ruling within the next few weeks may be unlikely.