A pro-XRP lawyer known for his advocacy for the cryptocurrency has outlined reasons why he believes Ripple would not abandon the XRP token.
Lawyer Claims Ripple Is Committed to XRP
Pro-XRP lawyer and Managing Partner of the Deaton firm, John E. Deaton Has taken X (formerly Twitter) to address concerns about Ripple’s commitment and plans for the XRP token.
After the recent announcement of XRPs expansion to Dubai After receiving approval from the Dubai Financial Services Authority (DFSA), Deaton boldly stated in his post that Ripple had no intention of dumping the XRP token and would not do so for years. He said the crypto payment network had a strong financial responsibility towards the token, having invested billions in XRP.
“As I have been saying for over three years, Ripple is not leaving XRP. It has a fiduciary duty not to do that,” Deaton said.
Deaton highlighted Ripple’s financial journey which revolves around the XRP token. He stated that Ripple was valued at $128 million in its 2015 Series A financing. In Series B, the crypto payment network’s value rose again the following year to $410 million and by 2020, Ripple had reached a valuation of $10 billion in its Series C valuation.
Deaton also mentioned Ripple’s Series C buyback valuation last year, where the crypto network bought its Series C shares at a 50% higher price.
According to Deaton, Ripple’s growing value and large-scale investments related to XRP are enough evidence that the crypto network would continue its support for XRP. XRP.
The pro-XRP advocate revealed that Ripple owned $48 billion to $50 billion worth of XRP, making it unthinkable that the crypto network would abandon XRP. He also stated that Ripple has more to gain than to lose, especially if the Price increases for XRP tokens to $2.
“Ripple’s pre-IPO shares are clearly trading at a valuation significantly lower than $15 billion. Owning 48B-50B XRP makes it insane to exit XRP. If #XRP reaches $2, Ripple will have an asset worth $100 billion,” Deaton said.
Token price holds $0.6 | Source: XRPUSD on Tradingview.com
XRP enthusiast calls for price standstill after major milestones
While many members of the XRP community have commemorated the recent successes in the price of XRP is not affected by his new performance.
XRP Cryptowolf got to work X on Thursday to discuss XRP’s latest development partnership with the National Bank of Georgia (NBG) and why the token has not seen significant price increases following the announcement.
“Anyone else wondering why $XRP didn’t skyrocket on the news that Ripple is partnering with a central bank?” XRP Crypto Wolf Declared.
Moreover, after John Deaton’s statement that Ripple would not abandon the XRP token, a member of the XRP community revealed that the XRP token had only shown a small price change while a larger increase was expected.
“And yet we are now up 3 cents haha, any other coin would have gone up $15 a day with news like this,” said one member of the XRP community.
While the current price of XRP has shown slower price growth than in the past, many crypto enthusiasts believe that the cryptocurrency’s ongoing legal battle with the US Securities and Exchange Commission (SEC) has been the main source of his growth stunt.
In response to XRP Cryptowolf’s question about the price drop of XRP, a community member declared that “if XRP truly wants to be free and demonstrate its potential, this will only happen after all SEC lawsuits are cleared.”
Featured image of StormGain, chart from Tradingview.com