Renowned XRP lawyer John E. Deaton is quite bullish and forecasts a substantial XRP price increase, with FOMO setting in at $2.
In the continuing legal battle between Ripple and the Securities and Exchange Commission (SEC), notable Ripple advocate and legal expert John Deaton recently deviated from legal discourse to provide interesting feedback on XRP's current market dynamics.
With XRP presently trading at $0.48, Deaton is convinced that a large number of reluctant investors will rush to the digital currency until it exceeds the $1 mark. He also forecasts a fixed threshold that will fuel FOMO.
Let's see what insights Deaton has provided on XRP's Price.
On Twitter on May 29, Deaton voiced his surprise at the current market conditions, claiming that it is impossible for many investors to overlook the opportunity to acquire Ripple (XRP).
Deaton expanded on this idea, highlighting the potential consequences of failing to recognise XRP's current undervaluation. Deaton is confident that many individuals will buy the digital currency at a price of $1, and even more perplexingly, many will FOMO in when the asset's price is at or over $2.
Given its price history, XRP has every reason to retest the resistance around $2, as it traded at an all-time high (ATH) above $3.84 more than five years ago, according to CoinMarketCap statistics.
Many industry insiders who have followed the rise of XRP over the years have acknowledged the harm done to the cryptocurrency by the lawsuit. Apart from many of Ripple's fundamental US friends declining to do business with the company and the token, Ripple, the primary supporter of digital currency, has stopped using it in its Liquidity Hub.
At the press time, XRP is trading at $0.484240, with a 24-hour trading volume of $989,453,327. This is a 1.60% increase in the previous 24 hours and a 6.13% increase in the last 7 days. XRP has a market worth of $25,187,279,455 and a circulation supply of 52 billion XRP.
As the Ripple v. SEC story proceeds, market experts and investors alike await additional developments, aware of the possible impact on XRP's value and the broader cryptocurrency market.
It is worth noting that the XRP market is currently showing a support level of $0.45267, indicating a level at which buying pressure has historically been significant, while also facing a resistance level of $0.50673, indicating a level at which selling pressure has historically been significant.
Furthermore, the 14-day RSI is at 61 which indicates an overbought value. However, if bullish pressure reigns, the RSI could go above the 70 mark and XRP will break the latest resistance.
In conclusion, With the whale community exhibiting trust in XRP through large investments, it is expected that this positive mood will drive additional upward momentum for the coin.