Pro-XRP lawyer: Ripple losing the SEC lawsuit might be a blessing in disguise
|- XRP price is up by 15% in the last week, bringing the coin to $0.51.
- John Deaton, Ripple supporter, stated that even a minimal slap on the wrist kind of defeat would not be the worst thing in the world for XRP.
- Reports of Ripple meeting with institutional investors in April to gauge interest in an IPO have surfaced over the last few hours.
XRP price made a decent recovery in the month of May, fueled by Ripple's chances of winning the lawsuit it is facing against the Security and Exchange Commission (SEC). The cryptocurrency has amassed a huge base of supporters, which might potentially expand further regardless of the outcome.
Ripple prepares for life after the lawsuit
Analysts have been claiming that Ripple had recently hosted a private "road show." A roadshow is a marketing event where a company and its underwriters meet with potential investors to generate interest in an IPO (Initial Public Offering). It has been reported that every reputable institutional investment firm on Wall Street participated in the roadshow conducted in April this year.
However, a lot of the bullishness for XRP is currently hanging by the hope of a win in the lawsuit against the SEC. The reason is that a win would generate momentum that might end up creating a strong demand for the token.
This could propel XRP price upwards, which is crucial in attracting new investors and more capital to the chain.
However, according to Pro-XRP lawyer John Deaton, even a loss might not be the worst thing in the world. In regards to the road show report, Deaton tweeted,
"If Ripple wins the SEC lawsuit or gets the functional equivalent of a slap on the wrist, along with a ruling that ongoing and future sales of #XRP are not securities, the lawsuit will prove a blessing in disguise for Ripple.
XRP investors become bullish again
As XRP price rallied by nearly 24% in the last few weeks, it brought back the dissipating interest from users whose activity spiked on-chain recently. With the altcoin hitting a 45-day high, the investors who are currently in profit seemingly moved their supply. This resulted in the network recording the highest single-day transaction volume in profit since February this year.
Ripple transaction volume in profit
This also included the tokens that belonged to long-term holders, i.e., addresses that have been holding their tokens for more than a year. The spike noted on the age consumed metric is evidence of the same and an indication that profit-taking is on investors' minds.
Ripple age consumed
However, XRP holders need to refrain from leaning into profit-taking too much, as it could backfire. While at the time of writing, XRP price is holding above the support level at $0.505, it still needs to note a 7% rally in order to mark new 2023 highs.
XRP/USD 1-day chart
This would be achieved once the barrier at $0.542 is breached, enabling the altcoin to mark a new year-to-date high.
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