Deaton Says He Doesn’t Expect XRP to Hit a New All-Time High Before Bitcoin

Attorney Deaton does not believe XRP will hit a new all-time high, despite the coin scoring a significant win in SEC v. Ripple.

Crypto-Law.US founder John Deaton said he never expected XRP to hit an all-time high (ATH), despite a federal judge declaring the coin a non-security.

The pro-XRP lawyer commented while reacting to a tweet highlighting top crypto assets and stocks’ year-to-date (YTD) performance.

Deaton Reacts As XRP Surges YTD Ahead of BTC & ETH

Prominent XRP YouTuber Moon Lambo noted that XRP, BTC, and ETH have surged 85%, 74%, and 52%, respectively. The YouTuber said he does not understand why most people are expressing emotional pain on social media following the plunge in XRP price.

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Attorney Deaton said the reaction stemmed from people’s expectations of XRP. 

“I never believed XRP would hit an ATH, even after a good ruling, and I said that when asked about my expectations on price,” Deaton added. 

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

Although Deaton said he expected the price of XRP to break $1 after the ruling, he never believed the coin would hit a new ATH on its own before Bitcoin.

Deaton said XRP would only reach a new high when Bitcoin leads a full bull market. Deaton added that unless Bitcoin breaks its all-time high, he does not expect any other crypto asset to set a new ATH.

Critics Shade XRP For Failing to Hit New ATH

Many critics have been taking shots at XRP for failing to surpass its previous all-time high in the past weeks.  

Notably, several crypto analysts speculated that XRP would surpass its previous high of $3.4 if the court rules in Ripple’s favor.

Interestingly, the judge did not only rule that XRP itself is not a security, but she also concluded that Ripple’s programmatic sales on digital exchanges do not constitute securities.

Despite XRP scoring a significant victory in the lawsuit, its price has remained relatively low. It bears mentioning that XRP rallied to $0.93 a few days after the ruling.

However, the coin’s price has plummeted heavily, trading at $0.61 at press time, according to CoinGecko data.

Reason Behind XRP Dip

As reported today, renowned trader Michaël van de Poppe highlighted two primary reasons XRP has plummeted heavily since the ruling.

According to Poppe, many long-term traders who have held the coin for 1.5 years have been liquidating their XRP positions.

Secondly, he noted that potential buyers have yet to step in due to a lack of confidence in the asset. This lack of confidence is caused by the SEC’s plans to appeal the court’s ruling, especially the decision on Ripple’s programmatic sales.

Several securities lawyers, including Marc Fagel, speculate that the Second Circuit would overturn Ripple’s victory. Meanwhile, a federal judge has already disagreed with Judge Torres’ reasoning in the case.

Judge Jed Rakoff, the presiding judge of the SEC v. Terra case, criticized Judge Torres’ decision to distinguish between institutional and public sales, stating that the Howey test does not differentiate between buyers.

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• Source: https://thecryptobasic.com/2023/08/07/deaton-doesnt-expect-xrp-to-hit-a-new-all-time-high-before-bitcoin/?utm_source=rss&utm_medium=rss&utm_campaign=deaton-doesnt-expect-xrp-to-hit-a-new-all-time-high-before-bitcoin