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- XRP holders opposing the SEC are increasing, accusing the watchdog of making them lose billions of dollars through the lawsuit against Ripple.
- Attorney Deaton’s push for justice for XRP holders gains momentum as he makes a request from the XRP community.
Attorney John Deaton represents XRP holders in a class action lawsuit against the US Securities and Exchange Commission (SEC). The number of XRP holders seeking Deaton’s representation has been increasing. More than 75,000 XRP holders have joined the XRP holders against the SEC.
Within a few weeks, the number of XRP holders joining the lawsuit rose from 71,000 to 75,000. The number of XRP holders joining Deaton’s class action will likely keep increasing because the case between the financial watchdog and Ripple is now at the summary judgment phase, with Ripple having the upper hand.
These XRP investors are claiming to have lost vast amounts of money since the beginning of the SEC’s legal battle against Ripple. The financial watchdog is suing Ripple for breaching US Securities laws by selling its XRP tokens without proper registration in 2013.
Following the SEC’s court filing, Coinbase and many other America-based crypto platforms delisted XRP from their trade platforms. They fear that the SEC might probe them for continuing XRP transactions, which it considers a Security. The delisting caused a massive drop in XRP’s price, resulting in huge losses for many XRP investors. According to Stuart Alderoty, Ripple’s general counsel, the SEC’s legal action against Ripple is similar to a rug pull on XRP investors.
Recently, there has been more momentum to Attorney Deaton’s determination to get justice for those who suffered losses due to the SEC-Ripple lawsuit. The legal counsel is also making all efforts to see justice is served. Recently, Deaton requested via Twitter that the XRP community provides him with data on Ethereum, Bitcoin, and Ripple’s market capitalization up to January 3, 2018.
I need help w/ something. How can I find out how much of the total market cap Bitcoin ETH and XRP made up in January 2018? On Jan 3, 2018 XRP was #2, I have that. If you know the answer can you provide me with a cite as proof of authority. I can’t just do the math w/o a cite. 🙏
— John E Deaton (219K Followers Beware Imposters) (@JohnEDeaton1) October 12, 2022
The official Twitter page for crypto law also retweeted Deaton’s request. It hopes the community can provide Attorney Deaton with the information he needs to enable him to carry out his duty effectively and get justice for XRP holders.
Bullish XRP?
Meanwhile, the judge ruling on the SEC vs. Ripple case has approved that several third parties can join the lawsuit. Previously, the SEC objected to the outcome because it believed these third parties would benefit Ripple more. The XRP community views this ruling as a positive development for Ripple.
However, remember that this ruling doesn’t mean Ripple would win the final judgment. It is also worth noting that previous judgments that favored Ripple caused a surge in XRP’s price. Hence, many industry analysts believe that history will repeat itself.
More importantly, XRP’s current price position indicates that a bullish move might happen soon. XRP has been bullish since September 15, hitting $0.55 before a bearish reversal. However, Ripple is down 6.16 percent in the last 24 hours and trades at $0.459, according to the latest Coinmarketcap data.
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