Bullish Outlook for XRP as Ripple Class Action Receives Certification: Can Price Hit $1 by the End of July? Details

Ripple Labs, along with its CEO Brad Garlinghouse and subsidiary XRP II, is currently facing a class-action lawsuit. However, Ripple-friendly lawyer John E. Deaton believes that a comprehensive victory for Ripple in the ongoing Securities and Exchange Commission (SEC) case could potentially undermine the class-action lawsuit. Deaton suggests that the plaintiffs’ attorneys should be hoping for a Ripple victory in the SEC case as it could lead to the establishment of a fund to pay XRP holders, which would undermine the class-action lawsuit. If the SEC were to emerge as the winner, the agency would collect the money rather than the plaintiffs in the class-action suit.

Certification Limited to US Investors, Not Affecting Other Jurisdictions

Addressing concerns from international XRP holders, Deaton clarifies that the certified classes in the class-action lawsuit only apply to US investors. XRP holders in the UK, Japan, Singapore, and the UAE are not affected by the certification. Regulatory authorities in these jurisdictions, such as the UK’s Financial Conduct Authority (FCA) and equivalent bodies in Japan, Singapore, and the UAE, have declared that XRP is not a security. Therefore, the certification does not have an impact on XRP holders in these countries.

Ripple’s Legal Challenges and Implications for the Company

Ripple Labs currently faces both the SEC lawsuit and the certified class-action lawsuit. However, Deaton’s comments suggest that the outcome of the SEC case may have more significant consequences for the company. A Ripple victory in the SEC case could not only transform the landscape for the class-action lawsuit but also have wide-ranging effects on the categorization and regulation of cryptocurrencies.

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The determination of whether XRP is considered a security lies at the core of both the SEC and class-action cases. This question has been central to Ripple’s legal challenges in recent years. While the certification of the class-action lawsuit is an important development, the outcome of the SEC case holds even greater significance for Ripple. A favorable ruling in the SEC case could potentially undermine the class-action lawsuit and bring about changes in the treatment of cryptocurrencies.

in conclusion, The certification of the class-action lawsuit against Ripple is a noteworthy development. However, it is the outcome of the SEC case that carries more significant implications for the company. A victory for Ripple in the SEC case could potentially undermine the class-action lawsuit and have far-reaching effects on the categorization and regulation of cryptocurrencies. As legal proceedings continue, investors and stakeholders will closely monitor the outcome and its potential impact on XRP’s price and the broader cryptocurrency market.

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