Ripple Got Cheated Out of Second Position: John Deaton

Updated:

According to the Deaton Law Firm, led by John Deaton, the US SEC has a significant bias for Ethereum over Ripple (XRP).

Deaton recently posted a thread on Twitter on Monday with proof of his claims. According to the attorney, on December 13, 2017, William Hinman, who was the head of the corporate finance department of the commission at the time, and Joseph Lubin, ConsenSys’ CEO, attended a meeting that “did not concern the Ethereum ICO,” but became “the beginning of a very mutually beneficial ‘union.’” Deaton tweeted that:

“On January 25, 2018, SEC Chairman [Jay] Clayton met with Chris Dixon of Andreessen Horowitz (a16z) to gather select industry players and submit a paper on how the regulator should deal with digital assets.”

The founder of Deaton Law Firm added that XRP “was the second-largest crypto asset by market capitalization” at the time. With that, you would expect members of the second-largest crypto asset in the industry to be present in an industry group. However, Deaton cited some reports that showed that Ripple did not get invited by Dixon to be a part of this industry group.

However, Deaton noted that the group included representatives connected with the Ethereum ecosystem. XRP has since slid to the seventh spot, while Ethereum has held the number two spot.

Key Ripple Levels to Watch — December 29

Ripple resumed on a bearish course on Wednesday, following a sharp rejection from the $0.9500 barrier on Monday. This bearish pull comes after a prolonged consolidation around the $0.9275 base since Christmas, following a rejection from the $1 round figure on December 23.

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

The seventh-largest cryptocurrency now trades at the mercy of the $0.8250 support, as bears keep the pressure. Given the current status of the market, a dip below this critical support seems likely in the near term and could force XRP to retest the $0.7770 support.

Meanwhile, my resistance levels are $0.8500, $0.8800, and $0.9000, and my support levels are $0.8250, $0.8000, and $0.7500.

Total Market Capitalization: $2.20 trillion

Ripple Market Capitalization: $39.4 billion

Ripple Dominance: 1.77%

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.