• John E. Deaton scored a major victory for the crypto industry, the XRP community and Ripple.
• The SEC conceded that secondary sales of the LBC token are not securities.
• Following the news, the LBC price rose by up to 155%, indicating a potential Ripple win could double XRP’s price.

Yesterday, John E. Deaton scored a massive victory for the entire crypto industry, the XRP community and Ripple, in the remedies hearing in the litigation between LBRY and the U.S. Securities and Exchange Commission (SEC). As Bitcoinist reported, Deaton appeared as an amicus in the hearing and managed to elicit from the SEC, “live and on tape,” that it does not consider secondary sales of the LBC token as securities. In addition, the New Hampshire District Court judge confirmed that he would clarify in the final remedy that he does not rule on the secondary market.

This was great news for the LBC token, as the previous ruling would have jeopardized the token’s existence, independent of the LBRY company. Thus, it is no surprise that the price of LBC responded extremely bullish yesterday. After the news became public, the price rose by up to 155%. At press time, the LBC price stood at $0.024913, still recording a whopping spike of 120%.

This surge in the LBC token price may be a sign of what will happen to the XRP price if Ripple wins its case against the SEC. When the lawsuit was filed by the SEC in late December 2020, the XRP price plummeted a staggering -72% in one week, from $0.60 to $0.17. Thus, a Ripple win could potentially double the XRP price.

Nevertheless, the XRP community will have to wait as the case is still ongoing. It remains to be seen whether Ripple will be successful in its defense, and if the SEC will be forced to concede that XRP is not a security. Despite the uncertainty, the LBC token price surge may be a sign of what is yet to come.