Prominent XRP holders' lawyer John Deaton has temporarily stepped away from pure legal commentary in the ongoing legal battle between the United States Securities and Exchange Commission (SEC) and Ripple, stepping into price commentary.
Deaton's take on XRP buy-up
As shared on his Twitter handle, Deaton said it is crazy to think that many people will not buy XRP right now that the price is sitting at $0.48 apiece.
#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
Per the tweet, Deaton is sure that many people are going to buy the digital currency at a price of $1, and more bewildering is that many will FOMO in when the price of the asset is at or above $2.
FOMO is the popular crypto industry acronym for Fear of Missing Out, and it describes exactly how many investors inject cash when they think a token is growing in price and they would like to get in on the action.
Considering XRP's price history, the cryptocurrency has every basis to retest the resistance around $2 as it was traded at an all-time high (ATH) above $3.84 more than five years ago, according to data from CoinMarketCap.
Regaining lost ground
Many industry insiders who have been following the growth of XRP over the years have acknowledged the damage the lawsuit has done to the cryptocurrency. Besides many of Ripple's core allies in the United States refusing to do business with the firm and the token, even Ripple as the main backer of digital currency has stopped using it in its Liquidity Hub.
Many prospective users who plan to use Ripple's payment technology are also staying off XRP as a result of the regulatory uncertainty surrounding it. All of these have impacted the coin's price over the past few years.
The position of the industry is that XRP will regain its lost ground in the mid- to long term once the ongoing lawsuit wraps up.