John Deaton’s Predictions on the Ripple Lawsuit
John Deaton, the pro-XRP lawyer and founder of CryptoLaw, has weighed in on the ongoing legal battle between Ripple and the SEC, suggesting the chances of the SEC outright winning the case are dismally low at less than 3%. With the conclusion of this soap opera inching closer, all eyes are on U.S. District Judge Torres, who holds the fate of Ripple in her hands.
Deaton’s Breakdown: Odds of Winning
In a recent podcast appearance, Deaton provided a detailed analysis of the situation. He believes there’s a 25% likelihood that Judge Torres will rule entirely in favor of Ripple and a 50% chance of a ‘splitting the baby’ outcome. What does this mean? Essentially, Judge Torres could declare that XRP was an unregistered security prior to 2018 while still allowing Ripple some leeway.
Decentralization and Security Status
Deaton insists that XRP should ultimately not be classified as a security, arguing that while Ripple may have crossed some legal lines, those violations shouldn’t taint the secondary market sales of XRP.
Timing Is Everything: Judge Torres’ Decision
As Ripple’s CEO, Brad Garlinghouse, remains optimistic about an expedition’s finale, Deaton predicts a ruling by Judge Torres will come before September 30. He refers to a peculiar “six-month list” which district judges must submit to Congress, detailing unresolved summary judgments. Deaton quips that being on this list is akin to being put on a public shame list, giving Judge Torres an extra nudge to wrap things up.
Whispers of an IPO
With anticipation building, there are murmurs around Ripple potentially considering an IPO following the lawsuit’s conclusion. In a recent development, Ripple hosted a “road show,” enticing institutional investors with the allure of a public offering.
Future Price Predictions for XRP
Should the winds blow in Ripple’s favor, Deaton has made bold predictions regarding the future price of XRP. Ranging between $2 and $10, this potential surge stems from increased investor confidence post-ruling.
“I certainly believe that somewhere between $2 and $10 is reasonable,” says Deaton.
Looking Ahead
The Ripple community awaits the unsealing of materials related to the infamous Hinman speech, as June 13 looms large on the calendar. These documents might provide crucial insight into the SEC’s stance on cryptocurrencies and could tip the scales in favor of Ripple.
