XRP Price Falls Short of Expectations Despite Favorable Court Ruling; Pro-XRP Lawyer Deaton Remains Hopeful
After a recent court ruling in favor of XRP, the cryptocurrency experienced a brief rally. However, the price failed to reach the anticipated levels. Despite this setback, pro-XRP lawyer John Deaton maintains his optimism and ambitious price targets for the token.
Addressing a post from a user named Moon Lambo on X (formerly Twitter), Deaton responded to complaints from some investors about slow price gains in digital currencies year-to-date. Moon Lambo argued that XRP has still grown by 85% this year, implying an overall positive trend.
The ruling, delivered by Judge Analisa Torres several weeks ago, clarified that XRP is not considered a security in certain circumstances. This decision led to a significant surge in the price of the cryptocurrency within the broader Web3 ecosystem.
Deaton Responds to Disappointment Over XRP’s Price, Acknowledges Expectations
In response to users expressing disappointment with XRP’s performance, John Deaton pointed out that some of their discontent arises from their high expectations. While he didn’t foresee XRP reaching a new all-time high after the court ruling, he did anticipate the price to break the $1 resistance level.
However, despite the token experiencing a significant surge of over 70% following the ruling, reaching $0.84, neither of the anticipated scenarios unfolded.
XRP’s all-time high of $3.84 was achieved over six years ago. While surpassing that price level may be overly ambitious, Deaton remains optimistic about the possibility of XRP reaching $1.
Nevertheless, the lawyer emphasized that XRP’s performance is closely tied to the price of Bitcoin (BTC), which is currently trading at $29,027. While not a market analyst, Deaton shared his belief that unless BTC retests its all-time high, it is unlikely that XRP will experience significant bullish momentum.
As of now, XRP is trading at $0.6283.