Despite a brief rally, the XRP (XRP) price did not reach anticipated levels after a recent favorable court ruling for the token. Among those with ambitious price targets for the cryptocurrency is pro-XRP lawyer John Deaton.
Deaton addressed a post from a user named Moon Lambo on X (formerly Twitter), who criticized complaints from certain investors about slow price gains in digital currencies year-to-date. Moon Lambo said XRP has grown by 85% this year, implying a positive overall trend.
Several weeks have passed since Judge Analisa Torres delivered the highly anticipated ruling that XRP is not considered a security in certain circumstances. This decision caused a significant surge in the price of the cryptocurrency within the broader Web3 ecosystem.
In response, Deaton stated that some users' disappointment stems from their expectations. While he didn't anticipate XRP reaching a new all-time high after the ruling, he did expect the price to surpass the $1 resistance level.
However, neither of these scenarios unfolded despite the token experiencing a significant surge of over 70% following the ruling to hit $0.84.
XRP reached its all-time high of $3.84 over six years ago. While surpassing that price level may be overly ambitious, Deaton remains optimistic that getting $1 is possible.
Related: Ripple CEO slams SEC over the use of XRP report in lawsuit
However, the lawyer said it is linked to the price of Bitcoin (BTC). Although not a market analyst, Deaton expressed his belief that unless BTC retests its all-time high, significant bullish momentum in the price of XRP is unlikely to be seen.
XRP trades for $0.6283 at the time of writing.
Magazine: Girl Gone Crypto thinks 'BREAKING' crypto news tweets are boring: Hall of Flame
Source: Cointelegraph.com
No comments:
Post a Comment