A trader and analyst who began accumulating Bitcoin at its absolute bottom late last year says he’s now accumulating an additional altcoin.
As BTC and the greater crypto markets pull back, the pseudonymous analyst DonAlt says he’s adding more XRP to his portfolio.
DonAlt says he started accumulating XRP at an average price of about $0.37 and is targeting a price of $1. The sixth-largest crypto asset is now at $0.39 at time of publishing, up 5.9% in the last 24 hours.
The analyst’s allocation comes as the SEC’s lawsuit against Ripple appears to be hurdling toward a conclusion.
Attorney John Deaton, who represented the XRP community as amicus, says he believes the judge will likely issue a summary judgement any day now.
On Tuesday, Judge Analisa Torres issued a 57-page ruling on the SEC and Ripple’s motions to exclude expert testimony from summary judgment.
The ruling sided for and against both Ripple and the SEC in various ways.
In light of the ruling, Ripple general council Stuart Alderoty says he’s more confident than ever in the strength of their case.
“Yesterday’s opinion from the Court on Ripple and the SEC’s proposed expert opinions – if you didn’t read all 57 pages, here’s the TLDR
Specifically – not only is the SEC’s expert on “reasonable expectations of an XRP purchaser” struck from the record, but so is their expert who tried to say what “caused” the price of XRP to change.
On the flip side – our experts that explain how Ripple’s contracts clearly differ from those in “Howey,” tax treatment of XRP (not a security), accounting treatment of XRP (not a security), and currency experts on XRP (not a security) are all allowed to stay in.”
As we have said throughout, we have always felt confident about our case and with each ruling, even more so.
The outcome of the hard fought lawsuit, which the SEC launched back in December of 2020, will likely have major ramifications on the price of XRP and on the future of crypto at large.
The SEC claims Ripple has been selling XRP as an unregistered security for years.
In court, Ripple’s legal team has said the SEC did not give fair notice to Ripple about its concerns over XRP.
They also say the utility, liquidity and distribution of XRP makes the asset wholly incompatible with securities regulations.
In addition, Ripple has argued that a decision to label XRP a security would directly impair the crypto asset’s main reason for existence.
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The post Trader Who Nailed Bitcoin and Crypto Turnaround Says He’s Accumulating An Additional Altcoin As Markets Retrace appeared first on The Daily Hodl.