Should XRP Make a New All-Time High After a Court Victory?

The lawsuit between Ripple, the company behind the XRP token, and the American Securities and Exchange Commission (SEC) has been causing a stir in crypto land for the past few years. At the end of 2020, the legal battle erupted and just over three weeks ago, a very positive verdict was reached for Ripple and the entire crypto industry. For months there was speculation about a possible price explosion with the positive verdict, but now we know what the XRP price has in store. With hindsight, is the price increase somewhat disappointing, or should XRP holders be content?

XRP surge

Ripple attorney John Deaton responded to an earlier tweet by Moon Lambo, in which he criticized complaints from some investors about slow price increases in digital assets. Moon Lambo did this by bringing forward the price increases of Bitcoin (BTC), Ethereum (ETH), and XRP, among others. Year-to-date, cryptos are up 74 percent, 52 percent, and 85 percent, respectively.

Deaton said in his tweet that some investors’ disappointment was due to their expectations. Furthermore, he mentioned that he never shared the expectation that XRP price would move to a new level all time high would stand after a positive ruling by Judge Analisa Torres. However, he admitted that he expected a little more from the price hike after a Ripple win.

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XRP price quickly peaked near $0.94, but Deaton was planning to break the psychological resistance at $1.

The attorney also doesn’t expect XRP to surpass its all-time high of $3.84 before Bitcoin sets a new all-time high.

At the time of writing, XRP is trading just above $0.62 and has a total market cap of just over $33 billion. When Ripple’s big gain hit Ripple news, XRP was still trading around $0.47.

Ripple wins legal battle

Ripple’s big win is that the secondary sale of XRP tokens through crypto exchanges is not considered a security under US securities law. Still, Judge Torres ruled that direct sales to institutions could be considered an effect.

The bottom line is that it is an extremely positive development for Ripple and this is therefore also strongly reflected in the price development. While the surge may not have been as impressive as some had imagined, it’s important to note that altcoins are heavily dependent on the bitcoin price.

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