- Attorney John Deaton, founder of Crypto-Law.US, states that XRP did not reach his projected $1 mark or its all-time high following a legal win against the SEC.
- Deaton also incorrectly predicted a 10%-15% surge for Bitcoin after a ‘great court ruling,’ while it actually rallied only by 8%.
The Discrepancy Between Legal Milestones and Price Behavior
In the intricate interplay between law and cryptocurrency, it’s not always a given that legal victories equate to immediate bullish behavior in asset price. This correlation—or the lack thereof—has been underscored by recent commentary from John Deaton, founder of Crypto-Law.US.
Reacting to the market’s performance after significant court rulings for Ripple’s XRP and Bitcoin, Deaton admitted in a tweet that his own price predictions had missed the mark. In the complex realm of crypto-economics, legal milestones do not always translate into immediate financial gains, an area where even seasoned professionals can miscalculate.
Unmet Expectations for XRP
In the aftermath of Ripple’s recent partial legal victory against the SEC, Deaton had expected XRP to rise to a minimum of $1. This was not an arbitrary figure; Ripple’s win had many in the crypto community speculating that XRP would not only reach $1 but potentially also revisit its all-time high (ATH) of $3.4 set in January 2018. However, the cryptocurrency peaked at a substantially more modest $0.85, according to CoinGecko data.
Deaton’s BTC Misfire
Similarly, Deaton expected Bitcoin to witness a 10-15% uptick following Grayscale’s win against the SEC regarding the conversion of the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF. This projection also fell short; Bitcoin experienced an 8.4% rise in the wake of the legal victory.
The court ordered the SEC to review its earlier decision on Grayscale’s application, a move that generated immense interest. Yet the resultant uptick in Bitcoin price from $25,964 to $28,142 fell short of Deaton’s estimation.
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The Overarching Market Conditions
It’s imperative to factor in that both Ripple and Bitcoin are operating in a bear market, which naturally exerts downward pressure on asset prices. Some analysts are eyeing the next Bitcoin halving event around April 2024 as the potential dawn of a new bull market.
In this broader context, Deaton opines that XRP is more likely to reach a new ATH once Bitcoin does so, highlighting the interconnected nature of cryptocurrency assets and market sentiment.
By shedding light on the imperfect correlation between legal outcomes and asset price, Deaton’s experience serves as a cautionary tale in the complex choreography of law and market dynamics.
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