Crypto lawyer John Deaton disappointed with XRP and BTC price performance after SEC lawsuit; both saw modest increases of over 3% in the past 24 hours.
Cryptocurrency lawyer and enthusiast John E Deaton shared on Twitter that he was disappointed with the performance of Ripple (XRP) and Bitcoin (BTC). He had expected XRP to reach $1 following its legal win against the SEC, but the outcome didn’t meet his hopes.
Similarly, Deaton had anticipated a 10%-15% rise in BTC’s price after the recent SEC-related events involving Grayscale, but the actual price increase for both XRP and BTC fell short of his expectations.
I’m terrible at price prediction and what impacts price. I never thought #XRP would hit an ATH with a great court ruling (unless in a bull market), but I definitely thought it would hit $1. I also thought #BTC would experience a 10-15% green candle with a great court ruling. It’s…
— John E Deaton (@JohnEDeaton1) August 29, 2023
The U.S. District of Columbia Court of Appeals issued a verdict recently, stating that the SEC’s decision to reject Grayscale’s request to convert its GBTC fund into a Bitcoin ETF was wrong. In the upcoming week, the SEC has deadlines to decide on seven BTC ETFs.
Despite BTC’s price jumping more than 5% in the last 24 hours, this news didn’t push its price up by the anticipated 10%, as expected by Deaton and many crypto enthusiasts. Currently, BTC is trading at $27,438.52, slightly below its daily peak of $27,760.16.
With BTC’s price rise, its 24-hour trading volume surged over 180% to reach $31.04 billion. Moreover, this successful 24-hour period brought its weekly performance back into the positive at +5.28%.
As BTC’s price increased, other cryptocurrencies like XRP also began to see price gains. According to CoinMarketCap, XRP’s value is $0.5323 after a 3% rise in the last day. This improvement also pushed XRP’s performance over the past seven days to +2.74%.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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