Pro-XRP Lawyer Affirms Ripple’s Commitment to XRP
John E. Deaton, a lawyer known for his support of XRP, has addressed concerns about Ripple’s dedication to the XRP token. In a recent post on X (formerly Twitter), Deaton stated that Ripple has no plans to abandon XRP and will continue to support it for years to come. He emphasized that Ripple has a fiduciary duty to the token, as the company has invested billions in XRP.
Ripple’s Financial Journey with XRP
Deaton pointed out Ripple’s financial history with the XRP token. He mentioned that in 2015, during Series A funding, Ripple was valued at $128 million. The company’s value increased to $410 million in Series B the following year and reached $10 billion in Series C valuation by 2020. Deaton also highlighted Ripple’s Series C buyback valuation, where the company repurchased its shares at a 50% higher price.
Ripple’s Significant Investment in XRP
According to Deaton, Ripple currently holds $48 billion to $50 billion worth of XRP. Given this substantial investment, it is highly unlikely for Ripple to abandon the token. Deaton also noted that if the price of XRP surges to $2, Ripple would have an asset valued at $100 billion. Therefore, he believes that Ripple stands to gain more than lose by supporting XRP.
XRP’s Price Reaction and Legal Battle
The recent partnership between XRP and the National Bank of Georgia did not result in a significant price surge for the token. Some members of the XRP community expressed surprise at this lack of movement. However, many crypto enthusiasts attribute the slower price growth of XRP to its ongoing legal battle with the United States Securities and Exchange Commission (SEC). They believe that once the lawsuits are resolved, XRP will have the opportunity to showcase its potential.
Hot Take: Ripple’s Commitment to XRP Strengthens Its Future
Despite concerns and price fluctuations, pro-XRP lawyer John E. Deaton firmly believes that Ripple will continue to support and invest in XRP. With a fiduciary duty to the token and a significant stake in its value, Ripple has more to gain than lose by maintaining its commitment. While legal battles may temporarily affect XRP’s price growth, the resolution of these issues will pave the way for the token to demonstrate its true potential. As Ripple expands its partnerships and regulatory approvals, it solidifies its dedication to XRP and positions itself for a successful future in the cryptocurrency market.
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