XRP abruptly gains 8%, CryptoLaw founder points out “coincidence” on price rise
XRP Price Sudden rise of 10%, overtaking the top 10 cryptocurrencies in gains. At the time of publication, XRP was changing hands at $0.354, up 8% over the past 24 hours. In a surprising move, XRP rose from a low of $0.321 to a high of $0.358 on September 16th.
CryptoLaw founder John Deaton highlights a striking thing about the latest price increase. As XRP rose 10%, LBC, the native token of the LBRY blockchain, was up 11%, while Dragonchain’s token, DRGN, was up 5%. Interestingly, these were assets “implicated by the SEC,” according to John Deaton.
Referring to the SEC’s Aldrotti Twitter comments to the SEC’s general counsel on securities, Deaton pointed to the SEC’s inconsistencies: “I remember this moment during the oral argument. Although the SEC attorney initially said That they would have to think about it, he concluded. Saying that if it can be said that one can expect profit, one need not really expect profits. Think for a moment.”
He further added, “Do you see how the SEC chips away at each prong?”
As U.Today reports, Ripple’s general counsel, Stuart Alderoty, aimed at SEC Chairman Gary Gensler, to set up the Supreme Court-mandated Howe trial to determine what is a security and what is not. Reported “incorrectly”.
Alderoty wrote: “Gensler said it’s a security if the investing public is anticipating profits based on the efforts of a common enterprise. The Courts already rejected that, because it collapses two separate Howey prongs into one and: We do not interpret the Howey test to be so easily satisfied.”
LBRY Blockchain cites one example where the SEC believes that the mere price movement potential is enough to make the token a security.
“Huge events” ahead
According to attorney Jeremy Hogan, the filing of opening motions in the Ripple summary judgment and the upcoming decision in the LBRY case are two “huge” events that might continue to impact the crypto space for years to come. The opening motions for summary judgment have now been filed in the Ripple lawsuit.
Jeremy Hogan is also optimistic about the September 19 date, which he believes will be the “final game” where the public will get to see (most) the parties’ cards.
As expectations increase ahead of this date, James K. Filan has shared what the public might see. He stated in a thread of tweets that only the redacted versions of the briefs would be seen Sept. 19.
