Ripple Vs. SEC: Deaton Predicts New Verdict Date, But XRP Price Loses Steam

Jake Simmons

1 year ago

2 mins read

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The XRP community continues to eagerly await a ruling in the legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC). So far, all speculations about a supposed end date have been wrong. The judge in charge, Analisa Torres, is taking more time for her ruling than many legal experts predicted based on previous proceedings.

However, this does not stop lawyer John E. Deaton, who is representing the XRP army in the legal case as amicus curiae, from making a new prediction. In the latest CryptoLaw broadcast, lawyer Deaton speculated that Judge Torres will issue the summary judgment on September 6, 2023.

Ripple Vs. SEC: Why September 6 Might Be The End Date

In the live stream, the lawyer explains that he has tried to give a prediction for a verdict date several times in the past. For this, he looked at Judge Torres’ previous proceedings. The finding was that Torres ruled at different speeds once the Daubert/expert motions were decided: sometimes it was on the same day, in other cases it was after two, four and six months respectively.

Based on this, Deaton made the prediction that Judge Torres will rule on May 6, by early June at the latest (the average: three months). As a reminder, Torres ruled on the Daubert motions in the case between Ripple and the SEC on March 6 this year.

Now that those deadlines have passed, Deaton came up with a new prediction: according to the lawyer, Judge Torres will issue a summary judgment after the full six months, on September 6 this year. As Deaton also pointed out, the length of the litigation between Ripple and the SEC is within the usual range so far and does not take longer than other cases.

In another comment, Deaton noted that Judge Torres may delay the ruling because she understands the importance of the SEC v. Ripple case. She knows that thousands of people, including the appellate courts, will be reviewing her summary judgment decision in the Ripple case. She also has a staggering 500 open cases to decide, 44 of which are criminal cases.

Ripple: Waiting on a Decision https://t.co/ty0LG3AASV

— CryptoLaw (@CryptoLawUS) June 27, 2023

XRP Price Loses Steam

The delay of the ruling in the legal battle between Ripple and the SEC seems to have upset XRP investors. A look at the 1-day chart of XRP shows that the price is in a descending trend channel after the price failed to break above the resistance at $0.50 in the higher time frames over the past two weeks.

A breakout from the trend channel is crucial to make a new run towards resistance at $0.50. Currently, XRP is testing the middle line of the trend channel. A break below $0.4730 could mean a further drop towards the lower end of the trend channel at $0.46.

Ripple XRP price — XRP price loses steam, 1-hour chart | Source: XRPUSD on TradingView.com

Featured image from iStock, chart from TradingView.com

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

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