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A pro-XRP lawyer known for advocating for the cryptocurrency has outlined reasons why he believes Ripple would not abandon the XRP token.
Pro-XRP lawyer and Managing Partner of the Deaton Firm, John E. Deaton has taken to X (formerly Twitter) to assuage concerns raised about Ripple’s commitment and plans for the XRP token.
Following the recent announcement of XRP’s expansion into Dubai after gaining approval from the Dubai Financial Services Authority (DFSA), Deaton boldly stated in his post that Ripple was not planning to ditch the XRP token and would not be for years. He said that the crypto payments network had a strong financial responsibility to the token, having invested billions in XRP.
“As I’ve said for more than 3 years, Ripple is not going to abandon XRP. It has a fiduciary duty not to,” Deaton stated.
Deaton highlighted Ripple’s financial journey revolving around the XRP token. He stated that in its Series A funding in 2015, Ripple was valued at $128 million. In Series B, the crypto payments network’s value rose again in the following year to $410 million and by 2020, Ripple had attained a value of $10 billion in its Series C valuation.
Deaton also mentioned Ripple’s Series C buyback valuation last year, which saw the crypto network purchasing its Series C shares at a 50% higher price.
According to Deaton, Ripple’s growing value and large-scale investments regarding XRP are proof enough that the crypto network would continue its support for XRP.
The pro-XRP lawyer disclosed that Ripple owned $48 billion to $50 billion worth of XRP, which makes it inconceivable for the crypto network to abandon XRP. He also stated that Ripple has more to gain than lose, especially if the XRP token price surges to $2.
“Ripple’s pre-IPO shares clearly trade at a valuation significantly less than $15B. Owning 48B-50B XRP makes it insane to abandon XRP. If #XRP reaches $2, Ripple has an asset valued at $100B,” Deaton stated.
Token price holds $0.6 | Source: XRPUSD on Tradingview.com
While many XRP community members have commemorated the recent successes in the XRP ecosystem, an XRP enthusiast has chosen to voice out concerns about the lingering question of why the price of XRP has not been affected by its new achievements.
XRP Cryptowolf took to X on Thursday to publish XRP’s newest development of partnering with the National Bank of Georgia (NBG) and why the token has not shown any significant price surges following the announcement.
“Anyone else wondering why $XRP didn’t skyrocket to the news of Ripple partnering with a central bank?” XRP Cryptowolf stated.
Additionally, following John Deaton’s statement that Ripple would not abandon the XRP token, an XRP community member disclosed that the XRP token had shown only a slight price change when a larger surge was expected.
“And yet here we are up 3 pennies haha any other coin would have jumped $15 bucks in a day with this kind of news,” an XRP community member stated.
While the present price of XRP has displayed a slower price growth than its past, many crypto enthusiasts believe that the cryptocurrency’s ongoing legal battle with the United States Securities and Exchange Commission (SEC) has been the primary source of its growth stunt.
In response to XRP Cryptowolf’s question about the slack in the price of XRP, a community member stated that “for XRP to truly be free and demonstrate its potential, it will only happen after it clears all the SEC lawsuits.”