Lawsuit Holds Back XRP! Lawyer’s tweet paints a positive picture for the lawsuit – Coinpedia – Fintech & Cryptocurreny News Media
XRP’s growth has been turbulent in part due to ongoing lawsuits and, of course, volatile markets. However, its increasing adoption and network developments have kept it going.
There is now a recent update on the lawsuit as Attorney John E Deaton says in his latest tweet that he has “objective Imperial evidence”. The evidence shows that the majority of XRP holders, over 60%, had never heard of Ripple before investing in the token for the first time.
I have objective empirical evidence that nearly 60% of #XRPHolders have acquired XRP for the first time without being aware of @Ripple. Under Howey, it was difficult to establish #XRP buyers who relied on the promises and incentives of a promoter or company they didn’t know.
– John E. Deaton (@ JohnEDeaton1) November 21, 2021
According to Howey’s test, it will be almost impossible in the future to determine whether the XRP community has “relied on the promises and incentives of a promoter or company they don’t know about.”
December 2021, the SEC has to respond to the crux of the dispute, namely why XRP has securities status, which makes it one of the most important court dates for XRP holders.
XRP holders face the brunt of the lawsuit
XRP holders are trapped in one of the fastest bull seasons with frozen assets and a disproportionately bearish run, despite the undeniable ongoing attempts by the community to fight the SEC.
Last month, attorney Deaton on behalf of the XRP community petitioned the court for all future renewals to be denied due to the significant amount of XRP. Most of the XRP is held in pension brokerage accounts that have also been “frozen”. Due to the pending litigation, XRP holders will not be able to manipulate their funds in any way, including their withdrawal.
While the SEC upheld its claims about the securities nature of XRP, it also accused the defendants of violating the Securities Act by refusing to sell these digital assets. The Movants, on the other hand, had already disproved that position last month, claiming that if XRP sales are marked illegal, the list of perpetrators goes well beyond Ripple and individual defendants.
XRP price promotion
Ripple price had fallen a bit to 1.62 percent at the time of writing but had rebounded from intraday lows after finding solid support provided by the 1.03890 price level and the day’s return line. Charts was formed.
The 1.03890 support level will provide immediate support when it crosses the channel’s trendline. A rebound from this area will target the 1.12547 resistance level before reaching the 1.24180 and 1.32295 resistance levels. A break above this level opens the door to the September high of 1.4000.