Crypto lawyer John Deaton recently shared a bullish outlook for Ripple’s XRP. Deaton believes that at $0.48, XRP is currently being offered at a bargain. The crypto lawyer was confident that XRP would soon cross the $1 mark and make its way over $2 subsequently.
John Deaton took to Twitter earlier today and stated that people who refuse to buy XRP at its current price are missing out on a great investment opportunity:
#XRP sits at .48 cents and it’s crazy to think about how many people, who refuse to buy it now, are going to buy it over $1. What’s even more crazy is that fomo won’t likely kick in until $2.
— John E Deaton (@JohnEDeaton1) May 29, 2023
According to John Deaton, people who refuse to buy XRP at its current trading price of $0.48 would eventually end up buying it for over $1. He further projected that for most investors, the fear of missing out (FOMO) would not kick in until XRP crosses the $2 mark. While responding to comments on his tweet, Deaton also indicated that the cryptocurrency would go as high as $3.
John Deaton’s bullish prediction for XRP is likely based on a favorable outcome in the U.S. Securities and Exchange Commission’s (SEC) ongoing lawsuit against Ripple. The lawsuit, which was filed in December 2020, is on the path to concluding later this year. Multiple stakeholders including Ripple CEO Brad Garlinghouse recently stated that a verdict is expected within weeks.
Judging by the impact that developments in the lawsuit have had on XRP’s price, a favorable judgment from the overseeing judge is bound to catapult XRP. The most recent impact was witnessed on May 17, 2023, when Judge Analisa Torres handed a major victory to Ripple by denying the SEC’s motion to seal the Hinman documents. The ruling led to an 8% hike in XRP’s price.
XRP’s 4-hour chart showed that it was hovering around a major resistance zone at $0.49. This level was tested on multiple occasions over the past months, but the bulls couldn’t manage to break past it. The latest Relative Strength Index (RSI) reading of 69 indicated that XRP may be overbought. This, paired with the latest On Balance Volume (OBV) reading of -1.3 billion, indicated potential downward price action, given that a negative OBV is usually indicative of negative volume pressure.
