Pro-XRP Lawyer Says He Expected Ripple Token To Break $1 After Court Ruling: 'Until Bitcoin Breaks Its All-Time High...'
Portfolio Pulse from Mehab Qureshi
Pro-XRP lawyer John Deaton expected Ripple's native token (XRP) to break $1 after a court ruling determined it is not considered security in certain circumstances. Despite a surge of over 75% in XRP following the ruling, it peaked at $0.84. The ruling was a significant development in the legal battle between Ripple and the SEC, which alleged that Ripple engaged in unregistered sales of XRP, considered by the agency to be a security. At the time of writing, XRP was trading at $0.61.
August 07, 2023 | 12:48 pm
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POSITIVE IMPACT
The court ruling that XRP is not considered security in certain circumstances led to a 75% surge in its price, peaking at $0.84. However, it did not reach the expected $1 and is currently trading at $0.61.
The court ruling was a significant development in Ripple's legal battle with the SEC, which had a direct impact on XRP's price. The expectation that the price would break $1 was not met, indicating a potential resistance level. The current trading price is $0.61, which is lower than the peak price after the ruling.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
John Deaton, a pro-XRP lawyer, stated that he doesn't expect any significant price movements in other cryptocurrencies until Bitcoin breaks its all-time high.
John Deaton's statement indicates that the performance of Bitcoin could influence the price movements of other cryptocurrencies, including XRP. However, this is a speculative statement and the actual impact on Bitcoin's price is uncertain.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50