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Ripple Community Mocks Republican For Calling XRP A Security; Analyst Predicts Re-Entry Level

XRP community expressed outrage over politicians still calling XRP a security after Judge Torres' landmark ruling in the Ripple vs SEC case.
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Ripple Community Mocks Republican For Calling XRP A Security; Analyst Predicts Re-Entry Level

Ripple Vs SEC News: Some politicians tend to have low crypto literacy and continue to target the crypto industry, like a tweet by House Republican Jane Adams. XRP community including lawyer John Deaton corrected her after she calls XRP a security. XRP price jumps 5% in the last 24 hours, continuing its 75% rally witnessed in a week.

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XRP Community Corrects Politician For Calling XRP A Security

Pro-XRP lawyer John E. Deaton took to Twitter citing a tweet by Republican Jane Adams, who called XRP a security mentioning only the institutional sales part of Judge Torres’ landmark ruling in the Ripple Vs US SEC lawsuit.

He said someone needs to inform Jane Adams that Bitcoin sold as a security in the Shavers case in 2013 does not make Bitcoin (BTC) a security. Similarly, Ripple leveraging XRP in a securities transaction to institutions doesn’t turn XRP into a security.

“All one needs to do is read the plain language of the Torres’ Decision to know the truth: XRP is NOT a security. It’s the circumstances surrounding the sale of the underlying asset that dictates whether an investment contract exists.”

Another lawyer Bill Morgan also explained to Jane Adams that sales of XRP to institutions are securities as these are investment contracts in the Torres Doctrine. However, the XRP token itself is not a security. He added that there is a big distinction and the difference is critically important.

Also Read: XRP Price Bullish Impetus A Heartbeat From $1: Bitboy Foresees Parabolic Ascent To $15

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XRP Price To Hit $1

Popular analyst CredibleCrypto in a tweet on July 20 shares his latest XRP analysis, predicting a massive upcoming rally. He believes there is no reason to be bearish on XRP as long as the price continues to hold above $0.50 and suggests a re-entry level near $0.65.

“An argument can be made for a lower timeframe dip towards green, but how someone can be bearish on $XRP HTF here is beyond me.”

Source: CredibleCrypto

XRP price jumped 5% in the last 24hrs, but pares earlier gains and currently trades at $0.80. The 24-hour low and high are $0.78 and $0.84, respectively. Furthermore, the trading volume has increased by 35% in the past 24 hours. An analysis by CoinGape Markets predicts XRP price to regain bullish momentum to surpass $1.

Also Read: Shiba Inu Whale Moving 2.4 Trillion SHIB From BinanceUS? Price To Rally?

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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