In recent events, District Judge Analisa Torres has disclosed three sets of documents in the SEC vs Ripple case. This move has piqued the interest of XRP investors as the XRP’s 24-hour trading volume saw an increase of more than 100%.
The three documents were the notice of Brad Garlinghouse’s statement in the SEC’s formal investigation, an email string from Chris Larsen, and an email string from Brad Garlinghouse.
What’s next in the Ripple lawsuit?
Opening these three unsealed sets of documents in the briefcase was like doing the Schrödinger’s cat experiment. However, famed crypto attorney John Deaton, who represents more than 64,000 XRP holders in the case, shared his take on the SEC’s next two possible steps from here.
John Deaton took to Twitter and wrote: @bgarlinghouse and @chrislarsensf’s emails or legal were not made public. It will be nearly impossible to prove a true correlation between the price of #XRP and public announcements by @Ripple (ie partnerships). The SEC must also prove that Garlinghouse and Larsen sold #XRP in the US.
@bgarlinghouse and @chrislarsensf‘s emails or legal 📝 have not been made public. It will be nearly impossible to prove a true correlation between #XRP‘s price and public announcements by @Ripple (ie partnerships). The SEC must also prove that Garlinghouse and Larsen were sold #XRP in America.
— John E Deathon (@JohnEDeaton1) February 6, 2022
In reality, the SEC’s case may be so weak and desperate that it believes the only way to win is to prove #XRP itself is a security in its own right. The SEC is essentially asserting a “but for” theory in this case, he added:
Deaton stated that Judge Torres himself recognized this broad, comprehensive theory of the SEC.
Judge Torres himself acknowledged this broad, comprehensive theory of the SEC. see pic.twitter.com/KHUDP1Ke9Y
— John E Deathon (@JohnEDeaton1) February 6, 2022
Crypto attorney also added that if the SEC struggles to prove that Garlinghouse and Larsen sold #XRP in the United States jurisdiction and the quality of the evidence against Ripple and its executives in these two emails appears, the SEC may believe the best theory is the “but for” theory.
XRP Price Update: 24-Hour Trading Volume Up 100%
After this incident, XRP’s 24-hour trading volume has witnessed a massive 100% surge. The coin’s 24-hour trading volume stands at $2,436,472,931 with a total market cap of $36,245,462,541.
Meanwhile, the price of XRP is up 13% and is trading at $0.757 at press time. However, the coin has posted a 28% gain in the past 7 days.
XRP’s 24-hour trading volume increases by 100%
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This post What’s going on for XRP? Crypto Attorney Predicts SEC’s Next Move
was published first on https://coingape.com/sec-ripple-crypto-lawyer-prediction/
