There has been a new development in the case of Ripple and SEC, which is one of the cases that the crypto money market closely follows. Another lawyer left the case after attorney Kylie Chiseul Kim dropped the case recently.
Another lawyer dropped the Ripple case!
As you follow on Kriptokoin.com, the Hinman documents were published recently. After that, there was a new development in the SEC’s lawsuit against Ripple. As the wait for the Summary Decision continues, uncertainty has gripped XRP token holders. Still, the summary judgment is likely to arrive as late as the end of 2023. Despite this, there is a sense of optimism that Ripple is more likely to win the case.
Recently, Kylie Chiseul Kim, the attorney for Ripple Labs, withdrew from the case. Ripple explained that the withdrawal had no impact on the case. In a similar move, lawyer John Deaton, who represents thousands of XRP token holders in the Ripple lawsuit, said another lawyer made the move. The name of the lawyer and the reason for the withdrawal are not yet known. However, Deaton confirmed that he had received an email about the same. But he said that this development in no way signifies a compromise or anything like that. The lawyer said it ‘meaning nothing’ for a lawyer to withdraw from the SEC case. In this context, Deaton made the following statement:
I received a filing email on the Ripple case. I have to admit that (butterflies) flew in my stomach. But that was just a lawyer’s withdrawal from the case.
Asked whether a court date will be set for the final decision, Deaton said Ripple, the SEC and all stakeholders will learn of the decision simultaneously through a public filing. Meanwhile, controversy continues over the delay of Judge Analisa Torres to deliver the Summary Order.
What do XRP performance metrics show?
Data from crypto analytics platform Santiment shows that the protocol has seen consistent growth over the past few days. So, XRP is probably on its way to making history. Sharing the observation on Twitter, crypto analyst Ali Martinez notes that there was an increase in active addresses prior to the last three instances where the XRP price showed a parabolic rise.
The last three instances $XRP price jumped were preceded by a spike in the number of active #XRP addresses.
On-chain data from @santimentfeed has recorded a spike in network activity over the past few days. Could history repeat itself? pic.twitter.com/XoJAFsDuvo
— Ali (@ali_charts) June 26, 2023
Making permutations right now, the increase in network activity confirmed by Santiment could mean that new capital is about to flow into the XRP ecosystem. According to the analyst, this means a bullish coin for the cryptocurrency.
At the time of this writing, XRP price was down 1.41% in the last 24 hours to trade at $0.4833. It is possible to attribute the short-term bearish outlook of XRP to the effect of the reversal in Bitcoin price. However, the XRP price has seen overall positive growth over the past week and YTD period. If the predictions about the upcoming price increase turn out to be correct, it is possible that we could see the token exceed the resistance point at $0.5.
Ripple price rises while bulls remain positive
Every cryptocurrency has a community. But some are stronger than others. XRP has one of the most vibrant communities, with bulls remaining loyal despite the ongoing litigation between the U.S. Securities and Exchange Commission (SEC)-related blockchain payments firm Ripple Labs Inc over the crypto’s status.
During the darkest period for the coin as the case approaches its final months, XRP bulls have kept their bags. It is now taking advantage of new innovations limited to the XRP Ledger (XRPL) and plans to introduce smart contracts to the protocol. During the YTD period, the XRP price recorded a growth of 41.07%. This is an indication that he was beaten but not battered.
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