- Ripple lawyer Bill Morgan argued that XRP enjoys stronger judicial clarity compared to Bitcoin, citing the Ripple case’s detailed reasoning.
- Judge Torres’ decision distinguished institutional sales as securities transactions but exempted XRP itself from being a security.
As a major debate erupts over XRP’s legal status, Ripple lawyer Bill Morgan has come to the front, challenging claims of the token’s legal clarity. Morgan responded to a harsh criticism from an X user questioning Ripple crypto’s legal clarity.
The user expressed doubts about the token’s legal status, institutional support, and utility, dismissing Judge Analisa Torres’ ruling in the Ripple lawsuit that declared XRP is not a security. The critic bluntly stated, “XRP has no legal clarity”. Responding to this, Morgan wrote:
This is a lie. XRP has been found by a judge not itself to be a security. The SEC Appeal did not challenge that finding. To say XRP has no legal clarity is the biggest lie I have seen in crypto this year.
In a further argument with the X user, the Ripple lawyers argued that the dicta in the Ripple case offer a notable degree of legal clarity, serving as persuasive authority. Morgan underscored that no contradictory ruling has deemed XRP a security.
He further emphasized the strength of the reasoning behind the decision, which concluded that the token is not a security. Additionally, Morgan asserted that XRP enjoys greater judicial clarity than Bitcoin, which has yet to benefit from any similar legal determination.
Ripple Lawyers Defend XRP’s Legal Status
In a landmark decision, Judge Torres distinguished XRP’s status, ruling that while institutional sales qualified as securities transactions, the token itself was not considered a security when sold on exchanges or through other forms of distribution.
This decision was celebrated as a major victory for Ripple and the broader cryptocurrency industry. Bill Morgan has been an outspoken advocate in discussions surrounding the Ripple vs. SEC case and XRP’s legal classification, as highlighted in our previous story.. Earlier, he noted:
The SEC’s inability to demonstrate that Ripple promoted XRP to retail purchasers is a testament to the unique circumstances underpinning the case. This is not merely opinion; it’s a matter of legal fact…Legal clarity for XRP has been established, irrespective of ongoing or future cases against other tokens or entities. It’s time to move beyond the FUD and focus on the path ahead.
XRP Selling Pressure Continues
Ripple’s native crypto, XRP, has underperformed the rest of the crypto market over the past few months and continues to trade under $2.20.
XRP’s price, currently at $2.17, has formed an inverted V-shaped pattern on the daily chart, reflecting significant volatility between April 7 and June 2. After an impressive 62% surge from a low of $1.61, XRP faced strong resistance at the $2.65 level, halting its upward momentum.
If the pattern plays out, XRP’s price could decline further toward the neckline at the $1.72 demand zone, indicating a potential 20% drop from its current value.
On the other hand, VivoPower International has secured $121 million through a private share placement to initiate its XRP treasury strategy, as reported by CNF.
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