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.
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
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