Pro XRP attorney John Deaton notes delay in SEC vs. Ripple lawsuit outcome, addresses XRP holders concern
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- Pro XRP attorney John Deaton assures the altcoin’s holders that there is nothing strange in the delay of the SEC vs. Ripple lawsuit.
- Judge Torres hasn’t issued a ruling in the lawsuit since Ripple and the SEC filed their reply briefs seven months ago.
- XRP price has sustained above $0.4746 despite the delay in the lawsuit’s outcome.
John Deaton, a pro XRP attorney associated with SEC vs. Ripple's lawsuit as an “amicus” or friend of the court, has assured the altcoin’s holders that the delay in the outcome is not “strange.” The presiding Judge Analisa Torres has not issued a ruling in the lawsuit in the past seven months, however, an outcome is expected soon.
The final verdict in the SEC vs. LBRY case was released earlier this week, raising concerns in the community of XRP holders.
Also read: XRP on-chain metrics predict explosive price rally in the altcoin
John Deaton assures XRP holders that delay in SEC vs. Ripple verdict is “not strange”
Speculation of the negative impacts of the delay in the verdict of the SEC vs. Ripple lawsuit flooded crypto Twitter. Deaton addressed the concerns of XRP holders early on Tuesday, in a recent tweet:
Deaton explained how presiding Judge Analisa Torres has delayed the ruling by seven months, since both parties filed reply briefs in December 2022. The ruling is expected to act as a catalyst, determining the direction of XRP price in the future, given its impact on the altcoin’s holders.
Deaton acted as amicus in the SEC vs LBRY case as well, and asked the presiding judge to clarify whether LBC token is a security in secondary market sales. Find out more details about it here. Deaton has shared his plan to pursue a similar path following the verdict in the SEC vs Ripple lawsuit. Deaton intends on asking Judge Analisa Torres for a verdict on secondary market sales of XRP, as this remains cause of concern for the token's holders.
Decline in XRP social dominance
XRP’s on-chain metrics from crypto intelligence tracker Santiment reveal a decline in social dominance of the altcoin. Social dominance is a metric that measures the share of the asset among discussions on cryptocurrencies on social media platforms like Twitter.
XRP social dominance vs. XRP price
A decline in social dominance is typically a sign of reduced demand for the altcoin among market participants. While this reduces the selling pressure on the asset, declining social dominance could be considered a precursor of a pullback or correction in the altcoin.
XRP price has sustained above key support at $0.4700 despite the recent events. It remains to be seen whether on-chain indicators for the altcoin flip bullish in the short term, driving a recovery in XRP price.
