Attorney Deaton says he never expected XRP to reclaim its ATH of $3.40 following a favorable ruling in the SEC case but thought XRP could at least soar to $1.
Crypto-Law.US founder John Deaton has reacted to the price performance of Bitcoin and XRP after two major court rulings. The attorney noted that he never really believed XRP could hit its previous all-time high (ATH) at $3.40, even with significant court rulings.
Deaton disclosed this in a tweet today, emphasizing that he is terrible at crypto price prediction.
I’m terrible at price prediction and what impacts price. I never thought #XRP would hit an ATH with a great court ruling (unless in a bull market), but I definitely thought it would hit $1. I also thought #BTC would experience a 10-15% green candle with a great court ruling. It’s…
— John E Deaton (@JohnEDeaton1) August 29, 2023
XRP Not Hit New ATH With a Great Ruling
Deaton said he never expected XRP to reach an all-time high following Ripple’s victory over the SEC. However, he admitted believing the crypto asset would hit $1.
It bears mentioning that XRP’s previous ATH of $3.4 was recorded in January 2018, according to CoinGecko data.
Many XRP enthusiasts speculated that the coin would surpass its previous ATH once the court ruled in Ripple’s favor. Similarly, Deaton forecasted a price of $1 and above if Ripple got a favorable ruling.
However, none of these predictions came to pass. XRP’s highest price since Ripple secured a partial victory against the SEC has been around $0.85, CoinGecko data shows.
Meanwhile, XRP hit 93 cents on leading crypto exchange Binance. At press time, XRP is changing hands at $0.53, up 3.1% in the past day.
Deaton’s Prediction for BTC Didn’t Come to Pass
In a similar development, Attorney Deaton said he expected Bitcoin price to surge by 10% to 15%, but this did not materialize, as BTC only rallied 8%. Notably, Bitcoin received a “great court ruling” yesterday in the form of Grayscale’s victory over the SEC.
A US court ordered the SEC to review its decision on Grayscale’s application to convert the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF.
Despite the favorable ruling, Bitcoin price did not soar by 10% to 15%, as Deaton predicted.
However, BTC did rally by 8.4% in eight hours yesterday, soaring from $25,964 to $28,142. At the time of reporting, Bitcoin was up 5.4% over the past 24 hours. It is currently changing hands at $27,385.
XRP & BTC Could Surpass Previous ATHs Soon
It is worth noting that the current bear market has been a major reason why these predictions failed to come to pass. Interestingly, many market analysts speculate that the bull market could happen in the next Bitcoin halving – around April 2024.
With XRP declared as a non-security and the high chances of a spot Bitcoin ETF going live in the US, both crypto assets could outperform their previous ATHs in the next bull run.
Meanwhile, Deaton believes XRP will only hit a new ATH after BTC achieves the feat.