Attorney John Deaton Says XRP Value Is Not “Driven By Ripple But By Bitcoin”

Attorney John Deaton Says XRP Value Is Not “Driven By Ripple But By Bitcoin”

The legal expert opposes the SEC’s claim that XRP value is influenced by Ripple and its executives.

Attorney John Deaton, the lawyer granted amici status in the lawsuit between Ripple and the Securities and Exchange Commission (SEC), noted that recent market events have shown that the price of XRP is not influenced by the blockchain company.

XRP Value Not Influenced By Ripple

The attorney asserted that XRP is largely driven by Bitcoin (BTC), which is in contrast to the SEC’s claim that Ripple’s execs, Brad Garlinghouse and Chris Larsen made significant efforts to influence the price of the cryptocurrency.

Supporting his argument, attorney Deaton noted that despite the fact that Ripple has made important announcements in the past few weeks, its native cryptocurrency has underperformed significantly.

Recall that Ripple announced in May 2022 that its on-demand liquidity (ODL) recorded significant growth from 6x to 8x in Year-Over-Year (YoY).

While other crypto-related businesses were laying off employees due to the crypto market crash, Ripple announced that it would be recruiting hundreds of employees in the coming weeks, confirming that the company is not affected by the downturn of the market.

XRP Plunges Alongside Bitcoin 

Despite these positive announcements from Ripple, XRP was not positively impacted. Instead, the price plunged in tandem with that of Bitcoin, thus suggesting that the value of XRP is largely correlated to the top asset class.

In the past month, the price of XRP is down 21.1%, while in the past two weeks the value of the cryptocurrency has plunged 18.6%. At press time, XRP is trading at $0.32, representing a 3.5% increase in the last 24 hours.

Meanwhile, attorney Deaton noted that experts in the lawsuit have submitted their reports and the necessary depositions have been completed.

One of SEC’s experts to testify in the lawsuit, Dr. Albert Metz, will provide details to determine whether Garlinghouse and Larsen’s actions directly impacted the XRP coin’s price.

“Expert reports have been submitted and depositions completed. But the last few weeks have totally proven #XRP’s price IS NOT driven by Ripple but by Bitcoin. Bgarlinghouse announced ODL increased by 6-8 X and Ripple is hiring, while others are laying off. Yet, #XRP’s price….,” attorney Deaton tweeted.

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Original Source : thecryptobasic.com

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