- Ripple’s programmatic sales of XRP are making headlines again with pro-XRP attorney John Deaton’s criticism of former SEC Chair’s comments.
- Galaxy CEO Michael Novogratz acknowledged in an interview that the XRP Army is real and its role in the lawsuit.
- XRP price nosedived nearly 6% in the past day, alongside other altcoins in a marketwide correction.
The SEC v. Ripple lawsuit is making headlines again as pro-XRP attorney John Deaton criticizes former SEC Chair Jay Clayton for his comments on the court ruling. Clayton believes that the initial issuance of XRP tokens was a securities transaction in the capital raising phase. This is where Attorney Deaton disagrees with Clayton.
XRP price declined in the past 24 hours as cryptocurrencies suffered a market wide correction in response to Bitcoin’s price drop.
Daily Digest Market Movers: SEC v. Ripple lawsuit update, Galaxy CEO comments on XRP Army
The SEC v. Ripple lawsuit raised questions about the programmatic sales of XRP tokens by Ripple’s executives. While XRP holders and legal expert John Deaton believe that the token sale by Ripple executives did not constitute securities transactions, former SEC Chair Clayton argues otherwise.
Legal expert John Deaton responded to Clayton’s comments and said he would like to be on a panel with the former SEC Chair. Deaton argues that there are no similar cases like SEC v. Ripple.
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
Michael Novogratz, CEO of Galaxy Digital told Real Vision’s Raoul Pal that he acknowledges the XRP Army and believes they are real. Attorney Deaton supported Novogratz’s comments and acknowledged the role of the XRP Army in Ripple’s partial victory.
The XRP Army’s affidavits submitted by XRP holders played an instrumental role in Judge Torres’ decision, a partial victory for the cross-border remittance firm.
Technical Analysis: XRP price crashes alongside altcoins
XRP price declined from $0.6990 on December 9 to $0.6010, early on Monday as Bitcoin crashed and altcoins suffered a market wide correction. XRP price recently hit a local top of $0.7500 on November 13, since then the altcoin suffered a 20% drop.
XRP price is likely to attempt a recovery to $0.6820, the 50% Fibonacci level of the decline from the July 13 top of $0.9413 to the August 17 low of $0.4237.
The altcoin is currently trading above its 200-day Exponential Moving Average (EMA) at $0.5583. XRP price is likely to attempt a recovery in response to bullish developments in the SEC v. Ripple lawsuit.
XRP/USDT 1-day chart
At the time of writing, XRP price is $0.6248 on Binance. The altcoin’s price dropped nearly 6% in the past 24 hours.
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.