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Cryptocurrency traders are still grappling with the fallout from last week’s big news. After the fall of Bitcoin and Ethereum last week, Litecoin was the biggest loser with a loss of over -8.1% in just three days.
XRP crypto attorney John Deaton explained his arguments and position on what he intends to do regarding the disagreement between the project and the SEC after the allegations and the lawsuit in 2020.
Litecoin is falling more than the market average
The market has undergone a significant correction in the last few days. All this comes after a significant Bitcoin pump that raised it from a low of $15,393 to a high of $25,272 in just two months. That’s a 39% increase, and the altcoin market has responded accordingly with a rally similar to the one seen in late 2021.
However, over the past few weeks, the market has undergone a sharp correction, with Litecoin taking the biggest hit over the past few days. It has fallen an impressive 8.1% from $98 to $90 since March 1. All this comes at a time when the market is just starting to regain hope after underperforming in 2022.
John Deaton on the XRP dispute with the SEC
In 2020, the Securities and Exchange Commission (SEC) initiated legal action against Ripple. The authority argued that Ripple did not adequately document XRP as a security or did not fully inform investors about its activities, thereby misleading them in their investments.
Crypto attorney John Deaton recently took the bold step of representing XRP holders in their ongoing battle with the SEC. After Ripple’s General Counsel, Stuart Alderoty, gave a speech about various scenarios if Ripple loses to the SEC, Deaton shed light on what it could mean for XRP holders and developers.
According to Deaton, Ripple can appeal and take the case to the Supreme Court regardless if they lose, allowing them to continue providing money transfer services and selling XRP while the case is pending.
Unfortunately, if Ripple loses this verdict, other categories of users will probably not be so lucky. Therefore, Deaton believes it is important to clarify the status of the secondary sale of XRP to these users.
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Last updated on March 8, 2023
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