After a significant surge in July, XRP is failing to hold the increase.
Despite the ripple of anticipation following a favorable court ruling, the XRP price fell short of expected heights. Although XRP supporter and attorney John Deaton continues to maintain a hopeful stance.
Three weeks ago, on July 13th, Judge Analisa Torres declared that under particular circumstances, XRP does not classify as a security. In particular, the ruling claimed that XRP is not a security when sold to retail investors through crypto exchanges.
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This verdict sparked a significant surge in the digital coin's value within the Web3 ecosystem. However, this price increase was a mere two-week boom.
However, XRP advocate John Deaton claims that XRP still can reach the $1 mark. Recently, Deaton engaged in a discussion with Moon Lambo, a user on X (previously known as Twitter). This conversation revolved around the discontent expressed by investors over the slow increase in digital currency value this year.
In their tweet, Moon Lambo argued that since 2022, XRP price increased by 85%, suggesting an upward trajectory. Deaton expressed his belief that the dissatisfaction of some users could be attributed to their own preset expectations.
In particular, Deaton stated that he had not expected XRP to reach a new post-judgment peak. However, he had envisioned the currency's value exceeding the $1 resistance point.
Regrettably, neither of these predictions materialized, despite the cryptocurrency witnessing an impressive surge of more than 70% after the verdict, reaching $0.84. It has been over six years since XRP scaled its record high of $3.84.
Deaton further explained that XRP's value has some correlation with Bitcoin's (BTC) price. Although he does not claim to be a market expert, Deaton believes that unless BTC reaches its historical high, a significant bull run for XRP appears unlikely.
At the time of writing, XRP retails for $0.6268, recording a 1.15% price decrease in the last 24 hours.
While the XRP value stumbled after a favorable court ruling, Deaton's optimism for the XRP's future price performance remains undeterred. His belief in the potential of XRP, linked to the performance of Bitcoin, serves as an intriguing perspective for investors to consider.
