Pro-XRP Lawyer’s Optimism Dampened: XRP Falls Short of Anticipated Price Targets Despite Favorable Court Ruling
Following a recent favorable court ruling for the XRP token, the price failed to meet the ambitious expectations set by pro-XRP lawyer, John Deaton. Despite experiencing a brief rally, the cryptocurrency’s value did not soar as anticipated. While some investors pointed out positive growth for XRP this year, Deaton expressed disappointment at the failure to surpass the $1 resistance level, despite the significant surge of over 70% to $0.84 following the court ruling.
Court Ruling’s Impact
Several weeks ago, Judge Analisa Torres issued a highly anticipated ruling, determining that XRP does not fall under the classification of a security under certain conditions. This decision caused a considerable surge in the price of XRP within the broader Web3 ecosystem.
In response to user Moon Lambo‘s criticism of complaints about slow price gains in digital currencies, Deaton emphasized that the disappointment felt by some XRP investors is rooted in their expectations. While he did not foresee XRP reaching a new all-time high, Deaton did expect the cryptocurrency to break the $1 resistance level.
Unfulfilled Anticipations
Unfortunately, neither of Deaton’s anticipated scenarios came to fruition, despite the initial 70% surge after the court ruling. With XRP reaching its all-time high of $3.84 more than six years ago, surpassing that price level appeared to be an overly ambitious target. Nevertheless, Deaton remains cautiously optimistic about the possibility of XRP reaching $1.
Deaton linked XRP’s price prospects to the performance of Bitcoin. Although he clarified that he is not a market analyst, he expressed a belief that substantial bullish momentum in the price of XRP is unlikely to be witnessed unless Bitcoin retests its all-time high.
At the time of writing, XRP is trading at $0.6283, still far from the $1 resistance level but showing resilience despite the unmet expectations.
The post-ruling journey for XRP has been met with mixed outcomes. While the surge was significant, it fell short of anticipated price targets. John Deaton’s optimism for XRP hitting $1 remains, but the cryptocurrency’s fate seems to be closely tied to Bitcoin’s performance in the market. As the market continues to evolve, investors and enthusiasts eagerly await further developments for both XRP and Bitcoin.
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