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- Renowned lawyer John Deaton has disclosed that the efforts of the XRP Army played a crucial role in the case between Ripple Labs and the US Securities and Exchange Commission (SEC).
- Ripple’s vice president has also confirmed that the public and the community helped them uncover regulators’ speeches.
On August 7, both Ripple Labs and the US Securities and Exchange Commission (SEC) dropped their respective appeals to conclude the five-year litigation that stalled the progress of the blockchain company and raised many questions about the intention of the US regulator.
Fascinatingly, recent discussions have unveiled some “efforts behind the scenes” that made the case take an interesting turn.
The Details and the Impact of XRP Army
In a recent interview, Ripple’s Vice President and Deputy General Counsel Deborah M crimson lauded the silent effort of the public, the media, and the XRP community, and how some individuals unexpectedly helped to uncover some public speeches and statements from regulators.
According to her, these boosted their chance of victory and their fair notice defense.
Furthermore, the XRP Army was reported to have filed affidavits, launched petitions, organized social media campaigns, and lobbied regulators. According to Deborah, none of these were expected.
Joining this discussion, outspoken crypto lawyer John Deaton confirmed this disclosure, highlighting that those who disagree are either “ignorant of the truth or intentionally lying.”
No credible person can argue that the XRP Army didn’t make a difference in the Ripple case. If they do, they’re either ignorant of the facts and truth or intentionally lying. We have conclusive evidence that we made a difference.
According to Deaton, more than 2000 exhibits were filed in the case. However, Judge Analisa Torres only cited a few in her final ruling, including his (Deaton’s) amicus brief, as well as the affidavits of XRP holders. To him, one person can inspire many people to make a decision, and this is evident in the case outcome.
She ruled XRP itself is NOT a security while citing XRP Holder Affidavits. Had she not cited those things people could legitimately debate whether our efforts made a real difference. But the proof is in the decision itself.
With all of this said and done, the attention of the community is now fixed on the price as many anticipate a bullish run to reach a new all-time high.
At the time of writing, XRP was trading at $2.819. Data suggests that the asset declined from $2.884 to this level on its daily price chart.
According to our data, XRP has so far declined by 5.8% in the last seven days and 6% in the last 30 days. This represents a significant drop from its monthly high of $3.3, which we reported previously.
Amidst the backdrop of this, the XRP Army is expecting the potential ETF approval to fuel a price surge to $10, as highlighted in our recent analysis.
As also indicated in our earlier discussion, the likes of Grayscale and Franklin Templeton have filed amended statements for their applications. According to ETF analysts James Seyffart and Eric Balchunas, the odds of approval are currently around 95%, as mentioned in our previous article.
