It has been weeks since Judge Analisa Torres gave the ruling that XRP as a digital currency is not in itself a security. The verdict which was one of the most anticipated in the broader Web3.0 ecosystem stirred a remarkable jump in the price of the digital currency.
Price Expectations for XRP
Unlike most people’s expectations, XRP literally did not hit the expected price levels projected following the ruling from the Federal Judge. XRP holder’s lawyer, John Deaton is one of those who had an ambitious price target for the cryptocurrency.
Taking to his official Twitter handle, Deaton responded to a Tweet from a Twitter user who seek to lambast most of the supposed complaints from some investors who are critical of the slow price gains in most digital currencies Year-to-Date (YTD). The user Moon Lambo posited that XRP has grown as high as 85% thus far this year, implying a positive run overall.
It’s all about expectations. Unless we were in a full bull market – led by #Bitcoin – I never believed XRP would hit an ATH, even after a good ruling and I said that when asked about my expectations on price (although I did expect it to break $1 tbh). But until #Bitcoin breaks… https://t.co/alMOGfHne6
— John E Deaton (@JohnEDeaton1) August 5, 2023
Commenting, Deaton said the disappointment from some users is all about their expectations. He pointed out that while he did not expect XRP to hit a new All-Time High (ATH) following the ruling, he said he had expected the price will break the resistance at $1.
Neither of these events came to pass as XRP, despite the more than 70% upsurge at the time after the ruling, the cryptocurrency did not surpass the $0.8434 level. This highlights how unpredictable the digital currency ecosystem is and the need to manage expectations appropriately.
Will XRP Touch $1?
XRP was one of the top coins at its peak when it touched an ATH of $3.84 more than 6 years ago. While this price level may be too ambitious to breach, Deaton is optimistic that $1 can be attained, however, with a condition attached.
The condition attached is related to the price of Bitcoin (BTC). While not a market analyst, the crypto lawyer said he believes that until Bitcoin retest its ATH, he does not think we will see any significant bullish momentum in the price of XRP.
At the time of writing, XRP is trading at a price of $0.6283, up by 31% over the past month.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
