The founder of Deaton Law Firm, John Deaton, explained the community’s dissatisfaction with the slow growth of the XRP token from Ripple with high expectations.
He responded to a user’s post under the pseudonym Moon Lambo. He noted that he “does not feel the emotional pain that some [из сообщества] showing on social media. According to his calculations, XRP has grown by 85% since the beginning of the year.
For comparison, Bitcoin and Ethereum have risen in price by 72% and 52%, respectively. At the same time, the S&P 500 gained only 17%.
According to Deaton, he never believed that the decision in the US Securities and Exchange Commission (SEC) case against Ripple would lead the asset to new all-time highs.
“It’s all about expectations. Until we enter a full bull market led by Bitcoin, I will never believe that XRP will reach ATHeven after a positive decision [в деле против SEC]. […] Until the first cryptocurrency breaks through its maximum, I do not expect anything more, ”the human rights activist explained.
On July 13, 2023, Judge Analisa Torres ruled that selling XRP directly to institutional investors violated Commission rules, but offerings to retail investors on exchanges did not. Then the rate of the coin jumped sharply from $0.47 to $0.81.
However, the price of the asset later began to decline, falling by 12.5% over the past week. At the time of writing, XRP is trading at $0.61.
The token peaked at $3.84 over six years ago.
Earlier, SEC Chairman Gary Gensler said the agency was “disappointed” with the decision on retail investors, but “satisfied” with the verdict on institutional sales.
Recall that the former lawyer of the Commission, John Reed Stark, called the court ruling in the case against Ripple “shaky”. He did not rule out that the department will appeal against it, and a higher authority will cancel the previous decisions.
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