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Pro-Ripple Lawyer Drops Bombshell in Lawsuit With Shocking New Facts

Fri, 04/07/2023 - 16:10
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Tomiwabold Olajide
Ripple lawsuit decision is currently awaited
Pro-Ripple Lawyer Drops Bombshell in Lawsuit With Shocking New Facts
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XRP enthusiast and lawyer Bill Morgan has taken to Twitter to share a surprising fact about the Ripple lawsuit.

He shares a screenshot in which one of the SEC experts conceded that from mid-2018 onward, Bitcoin and Ethereum's price movement can explain as much as 90% of XRP's price movement.

According to him, if the SEC's expert assumption is right, then this might imply that Ripple is in a way allowing XRP's price to be controlled by the price movements of Bitcoin and Ethereum since the SEC, through its expert, is trying to show that Ripple's announcements influence XRP's price.

He adds that this would be an untenable proposition for several reasons. For one thing, most other cryptos' prices are similarly influenced by moves in the market price of Bitcoin.

He adds an interesting fact: Ripple's legal efforts to defeat the SEC's lawsuit, should they be successful, are what investors are relying on, not its business efforts or sales. Morgan says this was not the kind of effort the court in the Howey case had in mind.

Surprising outcome of Ripple lawsuit

Attorney Jeremy Hogan shares his prediction of a surprising outcome of this lawsuit in line with the facts revealed by Bill Morgan.

He postulates that if the ruling judge in the Ripple lawsuit wanted to "split the baby," she could rule that sales of XRP since mid-2018 were not securities because even the SEC concedes that Ripple's actions had almost no effect on XRP's price since that point in time.

This could imply that Ripple would have to pay a fine, which would be "affordable," Hogan adds, and then move forward with its business, with XRP being the only crypto with "clarity."

He further adds an interesting possibility: "Maybe Coinbase will only be selling Bitcoin and...XRP by next year?"

XRP Might Be Relisted on Coinbase Exchange, Here's What's Needed

Coinbase delisted XRP in January 2021, shortly after the Ripple lawsuit was initiated. Coinbase CLO Paul Grewal stated last month that the exchange might relist XRP if the token gets regulatory clarity.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.