XRP Lawyer John Deaton Slams Former SEC Officials for Market Regulation Failure

The last 24 hours haven’t been kind to XRP, seeing a 3% dip with the current price resting at $0.60, fluctuating between $0.644 and $0.635. But despite trading volume dropping to 140%, there’s a glimmer of hope for a December surge toward $0.75, a 20% leap, if the bull flag scenario plays out and triggers a significant rebound. With Ripple’s IPO delay XRP’s price is facing a fresh resilience and it needs more positive scenarios to gear up. 

Behind the scenes, bullish trends are brewing in XRP’s on-chain data. Accumulation among top addresses, those holding between 100,000 and 10 million tokens, has spiked. These “whales” have invested $6.82 million in XRP over the past week, indicating a belief in an imminent price rise.

Deaon and Ripple CEO Slammed Key Figures

Yet, despite this potential, XRP still hasn’t hit a new all-time high, which has raised criticism from XRP Lawyer  john e deaton john e deaton john EntrepreneurHostMarket Analyst . He slammed former SEC officials, Jay Clayton and Bill Hinman, along with current SEC Chair Gary Gensler, for their questionable handling of crypto regulations in the U.S. Deaton has also blamed the SEC for killing crypto growth. However, he is optimistic that XRP can replace Bitcoin in the long run. He also decoded how he is adding more XRP than Bitcoin and ETH. 

Deaton’s criticisms stem from their seemingly contradictory stances on crypto. On one hand, Clayton, despite advocating for crypto, was responsible for the lawsuit against Ripple before leaving the SEC. This flip-flopping stance hasn’t gone unnoticed, with Deaton calling out the lack of accountability and fairness in their approach. 

Crypto Reaction on SEC’s ETH Free Pass Controversy

Even   CEO Brad Garlinghouse expressed disbelief at Clayton’s statements, suggesting Clayton may have sought to undermine XRP as a rival to Ethereum and Bitcoin. Another pro-XRP lawyer, Bill Morgan, highlighted Clayton’s connection has raised concerns about potential favoritism towards Ethereum within the SEC, particularly since Jay Clayton, the former SEC Chairman, was previously a partner at the law firm Sullivan & Cromwell, where Hinman also worked. For one more reason, the controversial mail exchange between Bill Hinman and Joseph Lubin is important, as Hinman later publicly stated that Ethereum is not a security, despite warnings from the SEC’s Office of General Counsel. 

This clash between regulatory authorities and the crypto community underscores the uncertainties faced by XRP, despite its potential for growth. While XRP faces hurdles, its resilience in the market signals a community eager for clearer, fairer regulations and a genuine chance to thrive among its crypto counterparts.

What Next?

Legal experts say there is a very good chance that Ripple and the SEC will reach a deal before the trial starts again on April 23, 2024. John Deaton says that any deal that is less than $20 million will be a win for Ripple 99.99% of the time.