XRP gains likely, pro-Ripple attorney says small investors lost $15 billion on account of SEC

• XRP holds steady above support at $0.5800 on Tuesday, gears up for a recovery above $0.6000. 
• Pro-Ripple Attorney John Deaton strongly criticized the SEC in recent interview. 
• XRP gains slightly on the day, the altcoin trades at $0.5860.

Ripple (XRP) holds steady above $0.5800, an important support level for the asset on Tuesday. The altcoin gears up for recovery likely in response to positive developments in the project. XRP trades at $0.5860 at the time of writing. 

Daily digest market movers: Pro-Ripple attorney slams US financial regulator for small investors’ losses

• Attorney John Deaton was amici curiae, meaning friend of the court in the SEC vs. Ripple lawsuit, making his statements key to XRP holders and the community of traders.
• Deaton said in a YouTube interview with the Good Morning Crypto podcast that the US Securities & Exchange Commission (SEC)’s handling of cryptocurrency regulation in the Ripple lawsuit led to nearly $15 billion in losses for small crypto investors.

• Ripple’s Chief Legal Officer (CLO) Stuart Alderoty recently announced the end of the SEC lawsuit. The regulator recently apologized for the confusion caused by the use of the term “crypto asset securities.” 
• The term was used in the SEC lawsuit against Ripple, and Coinbase as well, and Alderoty believes that it misled judges into considering cryptocurrencies as securities, while the term has “no legal basis.”

Technical analysis: XRP could rally to $0.6602, break past $0.6000 resistance

XRP has been in a downward trend since its July 2023 top of $0.9380, over 12 months ago. The asset hit its 2024 low of $0.3823 on July 5, since then XRP recovered, back above $0.5800. 

XRP looks primed to make a comeback to $0.6602, the 50% Fibonacci retracement level of the decline from the July 2023 top of $0.9380 to the July 2024 low of $0.3823. XRP could rally 12.5% to hit its target. 

XRP/USDT daily chart 

The altcoin could find support in the Fair Value Gap (FVG) between $0.5413 and $0.5556 if there is a correction in XRP price.