- John E. Deaton, representing the XRP community in the Ripple vs SEC case, predicts a new verdict date of September 6, 2023.
- The ongoing Ripple vs SEC lawsuit appears to be affecting XRP’s market value, which is currently on a downward trend.
The legal dispute between Ripple Labs and the US Securities and Exchange Commission (SEC) continues, with the XRP community anticipating a decisive verdict. Previous expectations about the case’s potential end date have proven incorrect. Judge Analisa Torres is dedicating more time to her ruling than anticipated, based on her prior legal procedures.
Despite this, John E. Deaton, who stands as an amicus curiae representing the XRP community, ventured another prediction on the case’s conclusion date. On a recent CryptoLaw broadcast, Deaton suggested that Judge Torres might announce the summary judgment on September 6, 2023.
To derive this new date, Deaton has examined Judge Torres’ history of rulings, particularly after deciding on Daubert/expert motions. The judgments varied in terms of timing – some on the same day, while others after two, four, or six months.
Building on this, Deaton initially projected that Judge Torres would rule by May 6 or early June at the latest (averaging out to three months). This calculation followed Torres’ ruling on the Daubert motions in the Ripple vs SEC case on March 6 this year.
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However, as these dates have passed without a verdict, Deaton offered a revised prediction: Judge Torres might issue a summary judgment after a full six months, hence on September 6. Deaton emphasized that the current duration of the Ripple vs SEC case aligns with typical timelines observed in similar lawsuits.
Further, Deaton speculated that the judge might be delaying the decision due to the significant implications of the Ripple vs SEC case, aware that her ruling will be scrutinized by thousands, including appellate courts. Also, she currently oversees around 500 open cases, including 44 criminal cases.
However, the ongoing lawsuit and delayed verdict appear to be impacting XRP’s market value. A glance at XRP’s 1-day chart reveals a descending trend after the price failed to breach the resistance at $0.50 over the past fortnight. A breakout from this trend is crucial for another rally towards the $0.50 resistance. Currently, XRP is testing the trend channel’s midline, and a drop below $0.4730 could signal a further decline towards the lower end of the trend channel at $0.46.
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