Ripple (XRP) Sudden Attack: What Is The Source Of The Rise In Price?

Ripple (XRP) The price suddenly rose by more than 10%, making it one of the world’s top 10 cryptocurrency best performing among altcoin it happened.

At the time of this writing, XRP is trading at $0.3761, climbing nearly 14% in the last 24 hours.

All Assets Intervened by the SEC, Including Ripple, Are Soaring

CryptoLaw founder John Deaton makes a striking point about the recent price increase. XRP rises 10%, while LBRY blockchain’s native token LBC 21%, Dragonchain’s token DRGN increased by 6%. Interestingly, according to John Deaton, these assets were “SEC-involved” assets.

XRP up 10%, LBC up 11%, DRGN up 5%

All implicated by SEC. https://t.co/11YWHxo2f0

— John E Deaton (214K Followers Beware Imposters) (@JohnEDeaton1) September 16, 2022

Citing Twitter comments from Ripple’s general counsel Alderoty regarding the SEC’s stance on securities, Deaton pointed to the SEC’s inconsistencies:

“I remember this moment during the oral discussion. While the SEC attorney initially stated that he should have thought about it, he eventually said that while anyone could be said to be expecting profits, that doesn’t mean they really should be expecting profits. Think about it a little bit.”

Also, “See how the SEC is screwing up every step of the way?” he added.

Ripple’s general counsel, Stuart Alderoty, had targeted SEC chairman Gary Gensler for “misrepresenting” the Howey test put forward by the Supreme Court to determine what is and isn’t a security.

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, b/c it collapses two separate Howey prongs into one and: “We do not interpret the Howey test to be so easily satisfied.” https://t.co/0K4Olp9VIb

— Stuart Alderoty (@s_alderoty) September 16, 2022

Alderoty used the following statements in his statement:

“Gensler said it is a security if the investing public expects profits based on the efforts of a joint venture. Courts have already rejected this because it reduces two separate Howey criteria to one.

We don’t interpret the Howey test in such a welcoming way.”

LBRY Blockchain also cites an example where the SEC believes that price action alone is sufficient to make a token a security.

According to attorney Jeremy Hogan, the submission of the opening motions in the Ripple summary judgment and the upcoming ruling in the LBRY case are two “big” developments that could continue to impact the crypto space for years to come.

Opening petitions were filed for summary judgment in the Ripple case.

Jeremy Hogan is also optimistic about September 19, which he believes will be the “final move” when the public will see most of the cards in their hands.

*Not investment advice.