“Will the crypto market recover if XRP can beat the SEC?”
John Deaton, the lawyer for the pro-cryptocurrency Ripple (XRP) revealed that the Securities and Exchange Commission (SEC) of the United States (US) only has less than a 3% chance of winning its legal dispute.
Comment Deaton again, XRP has a 25% probability of winning the SEC lawsuit that has been going on since December 2020, however there is a 50% chance that it will claim victory but at a loss to both parties.
Although Judge Torres ruled that XRP was sold as an unregistered security, its community is now watching the Hinman document that could be a savior for the digital asset as it could transform from a security to a commodity.
With Judge Torres likely to make a decision on September 30, 2023, Deaton suggested the district judge provide a six-month list of what it says are summary judgments to Congress.
Next Deaton said that the XRP community should pay close attention during June 13, 2023 because investors can find out whether the digital asset was discussed by SEC employees before Hinaman's speech or not.
In addition to predicting that the price of XRP will cross $2 and $10, the lawyer strongly believes that holders of the digital asset will gain enormously from a positive outcome in the lawsuit.
Even so, the price of XRP plunged by 4.96% to $0.50 in the last 24 hours with a market capitalization of $26 billion but still recorded an increase of around 3.12% over the last week.
