XRP holders’ counsel John E Deaton, known for his commentary on Ripple’s pending lawsuit with the U.S. Securities and Exchange Commission (SEC), has predicted that FOMO will set in when the XRP price taps $2.
Deaton Is Mega Bullish On XRP Price
Looking to mainline the XRP community with a healthy dose of hopium is CryptoLaw founder John Deaton. Amid the plethora of bearish opinions as the SEC vs. Ripple lawsuit rages on, Deaton came out bullish as ever, highlighting XRP’s prospects.
He alluded that it is crazy to think that many people will not buy XRP at its current $0.48 price tag. However, he is confident that these same people will buy the token when it will be worth over $1. Even more interesting is that Deaton expects many investors to FOMO into XRP once its price surges above the impressive $2 mark.
There’s an old saying on Wall Street that financial markets are propelled by two emotions, fear and greed. In the cryptocurrency markets, the driver is usually a combination of the two: fear of missing out ( FOMO).
XRP is trading 1.3% higher intraday, pushing the sixth-largest cryptocurrency’s market cap beyond $25 billion. Currently trading hands at $0.499, XRP has every reason to reclaim the $2 level as the crypto traded at a historical high of around $3.40 over five years ago, as per CoinGecko.
XRP Gearing Up For A Comeback
Most pundits in the crypto market who have closely followed the price performance of XRP in recent years have noted that the legal battle between Ripple and the SEC has caused considerable damage to the token.
Part of the lawsuit has centered around whether Ripple sold XRP tokens as unregistered securities. Most prospective investors and Ripple partners have stayed on the sidelines since the lawsuit was initiated in December 2020 amid regulatory confusion in the United States. This has greatly affected the price of XRP over the years.
The current consensus in the crypto community is that XRP will soon recoup all its losses and dart higher after the lawsuit reaches its conclusion.
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