Renowned pro-XRP lawyer John Deaton has shared insights into his crypto portfolio and why he is ditching BTC and ETH over XRP. On Tuesday, XRP dropped 4.10% to close at $0.6856, hitting a low of $0.6518. This decline is attributed to a lack of progress in the SEC v Ripple case.
Despite the setback, XRP remains above key support levels. The Relative Strength Index suggests it was overbought, potentially indicating a cooling-off period. Since Deaton has previously said that XRP is the next Bitcoin and others will find it difficult to sustain the SEC water similar to XRP, who came out clean, that’s why he is vocal about holding 10X XRP than ETH and BTC; here’s his bullish theory behind the XRP accumulation.
Deaton Reveals His Investment Portfolio
John Deaton’s recent adjustment in his crypto portfolio reflects a significant shift in his investment strategy. Initially, he held a higher proportion of Bitcoin (BTC) and Ethereum (ETH) than XRP during the early stages of the legal battle with the SEC in 2021. However, his current stance demonstrates a noteworthy transition, with XRP occupying a more prominent position in his portfolio.
This shift is underpinned by Deaton’s unwavering confidence in XRP’s potential for substantial growth. He openly acknowledges that his investment decisions are not solely based on conventional wisdom but are also driven by his conviction, particularly in the legal battle against the SEC. His increased allocation to XRP signifies his growing confidence in the likelihood of a favorable outcome against the regulatory body.
So, if you are still unconvinced about XRP’s prowess, then delve into Deaton’s X factors to boost your confidence.
XRP’s Multi-Million Edge Over BTC and ETH
Deaton’s perspective on the three major cryptocurrencies – BTC, ETH, and XRP – also offers valuable insights. He regards Bitcoin as the premier store of value, projecting its market cap to surpass that of gold and reach an impressive $500,000 per coin. On the other hand, he views XRP as a pivotal player in the cross-border payments sector.
Citing substantial figures, he plays the magnitude of this market, with transactions reaching trillions of dollars annually. Deaton firmly believes that XRP is positioned for sustained growth and long-term value appreciation even by claiming a fraction of this multi-trillion dollar market.
While he refrains from endorsing extremely optimistic price predictions for XRP, he maintains a positive outlook and expresses willingness to celebrate if proven wrong. This pragmatic yet optimistic approach underscores Deaton’s deep understanding of the crypto landscape and his belief in the potential of digital assets like XRP.