Ripple vs. SEC Lawsuit: Pro-Ripple Attorney Deaton States Reason for Support

Updated:

The ongoing Ripple (XRP) vs. the US Security and Exchange Commission (SEC)lawsuit has been one of the most controversial cases in cryptocurrency history.

Ripple supporters have stood unshaken behind the payments company throughout the case since December 2020, with many believing that the lawsuit will end as abruptly as it began and in favor of the payments company.

Speaking in an interview with Linqto, attorney John Deaton, who represents over 65,000 XRP holders in the case, explained why he decided to go all-in and defend the blockchain company.

Deaton argued that Ripple, after close observation, has proven to have one of the most transparent practices among other cryptocurrency projects, with zero “shady dealings” to its name.

The attorney also noted that after 30 months of investigating the payments company, the Commission has yet to link any fraudulent activity to Ripple. The attorney argued: “For 30 months, they [the SEC] looked at these guys [Ripple and Individual Defendants, Brad Garlinghouse and Chris Larsen]. They investigated them,” adding:

“They even turned over every transaction that Garlinghouse and Larsen made and every transaction that Ripple made between 2013 and 2020. After two and a half years, they did not come up with one claim of fraud or misrepresentation from Ripple.”

Key Ripple Levels to Watch — April 27

As the broader market continues to struggle with securing a steady bullish momentum, Ripple has tapped the $0.6500 support for the second time in 24 hours. Although April started with a wealth of bullish optimism for XRP and the rest of the crypto market, these expectations have been cut short as the cryptocurrency is set to close the monthly candle lower than its open for the first time since January.

Studio Project 94
XRPUSD – 4-Hour Chart on Bitfinex. Source: TradingView.

That said, the bearish market tone could persist for longer, as we could record a drop to the $0.6300 low in the near term. Any acquired bullish bias in the coming days would face a tough time scaling the $0.7000 psychological limit.

Meanwhile, my resistance levels are $0.6800, $0.7000, and $0.7300, and my support levels are $0.6300, $0.6000, and $0.5800.

Total Market Capitalization: $1.79 trillion

Ripple Market Capitalization: $31.2 billion

Ripple Dominance: 1.74%

Market Rank: #7

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.