Investing.com – Attorney John E. Deaton, who represents thousands of XRP investors in SEC lawsuit, was invited by Sen. Eric Brakey to participate in a hearing on a bill on cryptocurrency deposits.
In addition to Deaton, Senator Brakey has invited other industry experts who will have the opportunity to answer questions from the Finance Committee. According to Brakey, this is “the first-ever public hearing on cryptocurrencies in Maine law.”
The hearing, which will take place on April 4, will focus on whether and under what conditions financial institutions established in the state of Maine can hold customer deposits in cryptocurrency.
Lawyer Deaton should come out in favor of such a move and back up his point of view with appropriate arguments, which should benefit the initiator of the bill, seantor Eric Brakey. All that’s missing is a commitment from Deaton.
Ripple’s trading volume increases
Emily Parker, Executive Director of Global Content at CoinDesk, recently found that Ripple is enjoying ever-increasing popularity. In South Korea, XRP has even supplanted BTC in terms of trading volume on the largest cryptocurrency exchanges.
From John E. Deaton’s perspective, this clearly proves that nothing can stop this cryptocurrency. Negative comments from big names in the industry like Charles Hoskinson () and Vitalik Buterin () bounce off him, as does the complaint from the US Securities and Exchange Commission (SEC):
“Call it Banker’s Coin – call it Shitcoin – call it ‘Wertpapier’ – call it what you will – but no coin has been more resilient. Let me use language that should please BTC Maxis : XRP is a cockroach – even a nuclear war cannot destroy it”.
Ripple technical benchmarks
Ripple is currently losing, at a rate of -0.25%. at $0.5138 -0.25 percent, while the weekly gain stands at 10.74 percent.
On the daily close, the cryptocurrency broke through the 23.6% Fibo retracement support at $0.5267. The door is therefore open for an extension of the downside correction towards the 38.2 percent Fibo retracement of $0.4925. However, along the way, the psychological level of $0.5000 will already offer support.
If the latter two are broken sustainably, expect further downside movement towards the 50 percent Fibo retracement of $0.4649.
Only if one manages to reclaim the 23.6% Fibo retracement at the daily close will a test of the recent high of $0.5820 be possible.
By Marco Oehrl