SNEAK PEEK
- XRP Verdict Sparks Debate: Appellate Scrutiny and Crypto’s Future.
- Confirmation Bias Surrounds Ripple’s XRP Verdict and Appeal Prospects.
- XRP Price Surges as Landmark Ruling Sets Precedent for Crypto Sector.
The Ripple (XRP) community has been abuzz with discussions and debates surrounding the decision made by Judge Analisa Torres. John E Deaton, Founder of Crypto-Law.us and Managing Partner of the Deaton Law Firm, took to Twitter to shed light on the heightened levels of confirmation bias observed in the aftermath of the verdict.
Since Thursday, when the @Ripple #XRP decision by Judge Torres was released, we’ve witnessed a heightened level of confirmation bias from many people analyzing the Torres decision, including very smart and experienced lawyers. Those who practically guaranteed a complete SEC…
— John E Deaton (@JohnEDeaton1) July 16, 2023
As experts weigh in on the Torres decision, opinions diverge on its potential for appeal and its impact on the crypto industry. While some view it as a victory, others anticipate a long road ahead. Amidst this legal landscape, the crypto market is experiencing a new era, with XRP soaring in the most recent timeframe.
Deaton’s observation highlights the confirmation bias that has arisen from various quarters following the release of Judge Torres’ decision on Ripple’s XRP. Lawyers and industry experts who were once confident of a complete victory for the Securities and Exchange Commission (SEC) are now speculating about the possibility of an overturn in the 2nd Circuit.
On the other hand, those celebrating the Torres decision as appeal-proof are equally experienced and knowledgeable. With an appellate decision still a few years away, the current ruling remains the law of the land and a topic of great interest. Deaton plans to provide an objective analysis during his upcoming live stream, emphasizing the importance of recognizing confirmation bias.
Santiment, a crypto analytics provider, recently identified a significant turnaround in the digital currency realm, signaling a promising horizon for XRP and the entire sector. XRP witnessed a remarkable surge, rising 75% after Judge Torres ruled against the SEC’s claim that XRP is a security.
? #Crypto has been seeing a bit of a hangover after the major market-wide gains we saw Wednesday and Thursday. Keep an eye out for a second $XRP upswing once the #FOMO turns back to #FUD. $SNX is an outlier from the rest of the pack, jumping another +28%. https://t.co/S6XIfdid10 pic.twitter.com/vOS53RkfoN
— Santiment (@santimentfeed) July 14, 2023
According to experts, this landmark verdict bolsters XRP’s future and sets a precedent that may protect other cryptocurrencies from similar lawsuits. As market sentiment shifts from FOMO to FUD, investors brace themselves for potential further upswings in XRP’s price trajectory. Further, according to CoinMarketCap data, XRP has seen a 4.32% rise in price in the past 24 hours, pushing its price to $0.749227 at press time. The XRP/USD pair also has a 24-hour trading volume of $3,945,166,243.
