However, #removing the so-called “Expert No. 1,” Patrick Doody, whom the SEC roped as its primary witness to testify about the #perceptions of a reasonable XRP purchaser

Investor #perceptions also have to be #considered — especially in the age of social media. 

On the secondary market, the price of a security is #determined by supply and demand factors, with investors buying and selling based on their own #perceptions of the value of the security.