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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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
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