Legal Expert Explains Why Ripple Will Always Back XRP
03 Novembre 2023 - 2:00PM
NEWSBTC
A pro-XRP lawyer known for advocating for the cryptocurrency has
outlined reasons why he believes Ripple would not abandon the XRP
token. Lawyer Proclaims That Ripple Is Committed To XRP
Pro-XRP lawyer and Managing Partner of the Deaton Firm, John E.
Deaton has taken to X (formerly Twitter) to assuage concerns raised
about Ripple’s commitment and plans for the XRP token.
Related Reading: Bitcoin Cash Rally Threatened As Exchange Drops
BCH Following XRP Listing Rumors Following the recent announcement
of XRP’s expansion into Dubai after gaining approval from the Dubai
Financial Services Authority (DFSA), Deaton boldly stated in his
post that Ripple was not planning to ditch the XRP token and would
not be for years. He said that the crypto payments network had a
strong financial responsibility to the token, having invested
billions in XRP. “As I’ve said for more than 3 years, Ripple
is not going to abandon XRP. It has a fiduciary duty not to,”
Deaton stated. Deaton highlighted Ripple’s financial journey
revolving around the XRP token. He stated that in its Series A
funding in 2015, Ripple was valued at $128 million. In Series B,
the crypto payments network’s value rose again in the following
year to $410 million and by 2020, Ripple had attained a value of
$10 billion in its Series C valuation. Deaton also mentioned
Ripple’s Series C buyback valuation last year, which saw the crypto
network purchasing its Series C shares at a 50% higher price.
According to Deaton, Ripple’s growing value and large-scale
investments regarding XRP are proof enough that the crypto network
would continue its support for XRP. The pro-XRP lawyer disclosed
that Ripple owned $48 billion to $50 billion worth of XRP, which
makes it inconceivable for the crypto network to abandon XRP. He
also stated that Ripple has more to gain than lose, especially if
the XRP token price surges to $2. “Ripple’s pre-IPO shares
clearly trade at a valuation significantly less than $15B. Owning
48B-50B XRP makes it insane to abandon XRP. If #XRP reaches $2,
Ripple has an asset valued at $100B,” Deaton stated. Token
price holds $0.6 | Source: XRPUSD on Tradingview.com XRP Enthusiast
Question Price Standstill After Major Milestones While many XRP
community members have commemorated the recent successes in the XRP
ecosystem, an XRP enthusiast has chosen to voice out concerns about
the lingering question of why the price of XRP has not been
affected by its new achievements. XRP Cryptowolf took to X on
Thursday to publish XRP’s newest development of partnering with the
National Bank of Georgia (NBG) and why the token has not shown any
significant price surges following the announcement. Related
Reading: Shiba Inu Whales Are Moving SHIB Again, Bearish Or
Bullish? “Anyone else wondering why $XRP didn’t skyrocket to the
news of Ripple partnering with a central bank?” XRP Cryptowolf
stated. Additionally, following John Deaton’s statement that
Ripple would not abandon the XRP token, an XRP community member
disclosed that the XRP token had shown only a slight price change
when a larger surge was expected. “And yet here we are up 3 pennies
haha any other coin would have jumped $15 bucks in a day with this
kind of news,” an XRP community member stated. While the present
price of XRP has displayed a slower price growth than its past,
many crypto enthusiasts believe that the cryptocurrency’s ongoing
legal battle with the United States Securities and Exchange
Commission (SEC) has been the primary source of its growth
stunt. In response to XRP Cryptowolf’s question about the
slack in the price of XRP, a community member stated that “for XRP
to truly be free and demonstrate its potential, it will only happen
after it clears all the SEC lawsuits.” Featured image from
StormGain, chart from Tradingview.com
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