Lawyer John Deaton Highlights Significance of July 18 for XRP Case

Lawyer John Deaton Highlights Significance of July 18 for XRP Case

Pro-XRP attorney John Deaton has expressed cautious optimism as July 18 approaches, a date that may prove pivotal for the cryptocurrency XRP. Deaton, a prominent advocate for XRP holders, reflected on the progress made since a federal judge ruled two years ago that XRP itself does not constitute a security. This landmark decision provided much-needed regulatory clarity, which has since shaped the trajectory of XRP within the cryptocurrency market.

Anticipation Surrounding ProShares XRP ETF Launch

Deaton’s remarks coincide with ProShares’ planned launch of an XRP futures exchange-traded fund (ETF) on July 18, as detailed in recent filings with the U.S. Securities and Exchange Commission (SEC). In a post on the social media platform X, Deaton underscored the importance of this development, attributing the ETF launch directly to the legal clarity established by Judge Analisa Torres’ ruling in the XRP lawsuit. He also acknowledged the contribution of approximately 75,000 XRP holders who supported his amicus brief, which played a role in achieving this outcome.

The ProShares XRP ETF will provide investors with indirect exposure to XRP by investing in futures and derivatives contracts linked to the cryptocurrency, rather than holding XRP directly. Although this is not a spot ETF—which would offer direct asset exposure—the launch is widely regarded as a bullish signal for XRP. It is expected to attract significant capital inflows and enhance the asset’s legitimacy within institutional investment circles.

Ongoing Regulatory and Market Challenges

Despite these positive developments, Deaton highlighted persistent challenges facing XRP and the broader cryptocurrency market. The complexity and evolving nature of U.S. regulatory frameworks continue to generate uncertainty among investors, who are seeking clearer resolutions. Market reactions to recent news have been mixed; while the overall cryptocurrency market has demonstrated resilience, XRP’s price movement has been relatively subdued. At the time of writing, XRP is trading near $2.87, reflecting a decline of over 2% in the past 24 hours, according to CoinMarketCap.

Competitors in the crypto space are closely monitoring these developments, with some anticipated to adjust their strategies to capitalize on potential outcomes from the XRP case. Additionally, ongoing regulatory discussions in the United States concerning tokenized securities may further influence market dynamics and the future landscape for crypto ETFs.

Growing International Momentum and U.S. Outlook

Interest in XRP ETFs is also gaining traction internationally. Canadian asset manager 3iQ recently announced that its Ripple-backed XRP ETF—the largest of its kind in Canada—has surpassed $50 million in client assets since its launch on June 18. CEO Pascal St-Jean described this achievement as a significant milestone, highlighting strong investor demand for XRP exposure.

Looking ahead, analysts at Bloomberg, including James Seyffart and Eric Balchunas, have projected a 95% probability that U.S. spot XRP ETFs will receive SEC approval within the year. Market expert Nate Geraci noted that Ripple’s decision to drop its cross-appeal in the ongoing lawsuit could further clear the path for these funds. The SEC is also expected to withdraw its appeal, a development widely viewed as favorable for XRP.

As July 18 draws near, attention remains focused on the evolving regulatory environment and the potential impact of new ETF products on XRP’s market trajectory.