Cryptocurrency

Legal Expert: XRP at $35 Will Render Ripple’s $750M in Unregistered Sales of XRP Insignificant

Attorney John Deaton recently commented on the potential impact of Ripple’s past unregistered sales of XRP, suggesting that their significance would diminish if XRP ever reached a price of $35. Deaton’s remarks followed the prediction of XRP hitting the lofty price target made by market watchers.

Bitboy’s Bullish Price Prediction Targets $35

Following the favorable ruling in the SEC lawsuit, several analysts and crypto influencers have made optimistic forecasts regarding the future price of XRP. One such influencer, Ben “BitBoy” Armstrong, recently made an ambitious forecast.

Read Also: Based on XRP’s Fair Market Value, Report says Holding 1,000 XRP Could Make You $3.5 Million. Here’s how

BitBoy suggested that XRP could rally to $15 over 18 months and potentially reach $35 if Ripple time the initial public offering (IPO) correctly, representing a staggering 4,925% increase in XRP’s value.

Deaton’s Reaction

In response to BitBoy’s bullish forecast, attorney Deaton highlighted the effect such a price surge would have on Ripple’s XRP holdings. He stated that Ripple’s 50 billion XRP, multiplied by a price of $35, would render the $750 million in unregistered sales insignificant.

This calculation takes into account the 55 billion XRP initially locked up in escrow by the company, with monthly releases of 1 billion tokens.

Currently, Ripple holds 41 billion XRP in its escrow wallets, valued at $28.5 billion according to current rates. Should XRP indeed skyrocket to $35 per token, the value of these assets would amount to a staggering $1.43 trillion.

Read Also: Based On 3 Notable XRP Trajectories, Chartist Projects $1.4, $3.7, or $200. Here’s the Chart

Ripple’s Unregistered Sales Relevance Diminished

Deaton further emphasized that given the magnitude of this value, any fines resulting from the ruling against Ripple’s unregistered sale of $750 million would become inconsequential.

While Judge Analisa Torres acknowledged that XRP itself is not a security, she determined that Ripple’s past sales to institutional investors constituted an unregistered security offering. However, Deaton’s remarks underline that Ripple would be sitting on a massive fortune of $1.43 trillion if XRP were to reach $35.

It is important to note that Deaton is not implying that XRP will reach $35 but rather highlighting the potential consequences should such an occurrence transpire.


Follow us on Twitter, Facebook, Telegram, and Google News

Adedoyin Aka

Adedoyin is a graduate of Law and a Crypto & Blockchain expert who strongly believes that Blockchain is the future. At TimesTabloid, she focuses on crypto and blockchain educational content.

Recent Posts

Discover What Are The Best Cryptos to Buy in November 2024: Featuring Qubetics, Algorand, and Cosmos

As we dive into November 2024, the crypto market is buzzing with new opportunities. Algorand…

33 minutes ago

Bank for International Settlements Makes ISO 20022 Adoption Claim For XRP and XLM

The integration of ISO 20022 as a global messaging standard for financial transactions is a…

1 hour ago

Best Cryptos to Buy in November 2024: Learn More About Qubetics, Polkadot, and Avalanche

The crypto market is buzzing again, and November 2024 is shaping up to be one…

4 hours ago

XRP Price Spikes As SEC Chair Gensler Officially Announces Resignation Date

Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), has officially announced he…

5 hours ago

The Best Casino Games That You May Be Overlooking

Asking a bettor what their favorite casino games are will always result in one of…

5 hours ago

Biggest In Almost 3 Years: Something Big Is Coming For XRP

A prominent cryptocurrency market analyst, Armando Pantoja, has suggested that XRP might be on the…

6 hours ago