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Ripple Case Ruling Might Prove to Be Crypto's Biggest Week, John Deaton Says

Tue, 04/11/2023 - 15:35
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Tomiwabold Olajide
John Deaton expressed excitement over Bitcoin's price move past $30K
Ripple Case Ruling Might Prove to Be Crypto's Biggest Week, John Deaton Says
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CryptoLaw founder and XRP holders' attorney John Deaton is hopeful for a quicker resolution to the Ripple-SEC lawsuit.

Deaton expressed excitement over Bitcoin's price move past $30K and the upcoming Ethereum Shanghai upgrade, though he believes that a "great and fantastic ruling from Judge Torres in the Ripple case next could prove to be crypto's biggest week ever."

As investor sentiment improved, Bitcoin, the largest cryptocurrency by market value, breached the critical $30,000 level on Tuesday for the first time in 10 months.

On April 12, Ethereum's eagerly awaited Shanghai upgrade, also known as the Shapella hard fork, will take place, enabling users to access staked ETH. The upgrade has been deemed a long-term positive for Ethereum.

Speaking at March's close on the potential timing of the Ripple lawsuit, Deaton stated hopefully that the decision could come out within the next hour, or it could take another 30 to 60 days.

According to him, in previous cases, Judge Torres issued her summary judgment ruling within a couple of months of her Daubert/experts' decision. Deaton gave an instance of a previous case where Judge Torres issued a summary judgment ruling 60 days after her Daubert decision.

In the Ripple case, Judge Torres issued the Daubert decision on March 6. Sixty days from that day would be May 6. Deaton says he would be surprised but not shocked if the ruling came later than May 6.

Ripple will win, Jeremy Hogan says, but there's a catch

Jeremy Hogan, an attorney at Hogan and Hogan, believes Ripple will win the SEC lawsuit if the ruling judge (or her law clerk) understands the technology of crypto.

On the contrary, if the judge does not grasp what "crypto" is, an appeal of the case might be likely, which is but a "line in the sand."

According to him, crypto is decentralized, as no one owns the "network," and so it makes sense that someone might purchase XRP as an investment without having a contract with anyone.

Hogan adds that a Ripple win on a Howey analysis is a big setback for the SEC, but not a dagger to the heart. "The Howey test isn't outdated, it just needs an upgrade," the XRP enthusiast said.

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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.