Ripple Case Takes a Turn as XRP Advocate Acknowledges Validity of SEC’s Claim

The post Ripple Case Takes a Turn as XRP Advocate Acknowledges Validity of SEC’s Claim appeared first on Coinpedia Fintech News

In an unexpected change of events, Bill Morgan, an advocate for XRP and attorney, revealed a possible scenario that might come to play in the ongoing XRP v. SEC lawsuit, which may have a substantial impact. 

He said that the SEC’s own expert had acknowledged that since the mid of 2018, the prices of bitcoin org bitcoin org Event OrganiserTechnologyPayment solution and ethereum ethereum Blockchain NetworkTechnology , can account for up to 90% of changes in the price of Ripple’s native token.

Morgan goes on to explain that if the SEC expert’s study is accurate, ripple ripple m***h@ripple.com Crypto / Blockchain SolutionPayment solution is to blame for allowing fluctuations in the price of BTC and ETH to influence the XRP price. Moreover, as a centralized firm, Ripple manages the price of XRP.

Morgan backs SEC

Morgan also said that the SEC  is accurate in saying that investors may depend on Ripple’s attempts to create profits. For gains on XRP, investors are not depending on Ripple’s commercial operations, but rather on the company’s legal efforts in winning the lawsuit against the SEC.

Also read: XRP Price Prediction 2023, 2024, and 2030: Here’s What Analyst Predicts

“Paradoxically, the SEC may be correct about investors relying on Ripple’s efforts but not because of Ripple’s business efforts or sales of XRP, but its legal efforts defeating the SEC’s lawsuit should it be successful,” he said. 

Jeremy Hogan reacts to Morgan’s claims

Attorney Jeremy Hogan predicted an unexpected verdict in this case based on the information provided by Bill Morgan. He made the assumption that if the judge overseeing the Ripple lawsuit decided to “split the baby,” she could decide that sales of XRP since mid-2018 were not securities because even the SEC acknowledges that Ripple’s actions since that time have had almost no impact on XRP’s price.

“IF the Judge in the Ripple case wanted to “split the baby,” (that’s a horrific phrase isn’t it?) she could rule that sales of XRP since mid-2018 were NOT securities because even the SEC concedes that Ripple’s actions had almost no effect on XRP’s price since that point in time.”