John E. Deaton, a lawyer supporting Ripple and its associated cryptocurrency XRP, has recently addressed concerns about Ripple's commitment to XRP on social media platform X (formerly Twitter). These concerns arose despite Ripple's recent expansion into Dubai, which was approved by the Dubai Financial Services Authority (DFSA), and a partnership with the National Bank of Georgia.
Deaton highlighted Ripple's substantial financial investment in XRP, which he believes makes it unlikely for the company to abandon the token. According to Deaton, Ripple currently owns between $48 billion to $50 billion worth of XRP. If the price of the token were to reach $2, Ripple's asset value would surge to an estimated $100 billion.
The lawyer also traced Ripple's financial growth over the years through various funding rounds. Starting from a valuation of $128 million in Series A funding in 2015, the company reached a valuation of $410 million in Series B. Finally, it culminated in a massive $10 billion valuation in Series C. Notably, during its Series C round last year, Ripple repurchased its shares at a price 50% higher than its original value.
Deaton's comments come amidst concerns from some community members about the stagnant price of XRP. These concerns persist even as Ripple achieves significant milestones, such as partnerships with international banks and expansion into new markets. Some attribute this stagnation to Ripple's ongoing lawsuits with the Securities and Exchange Commission (SEC), while others believe that XRP can only demonstrate its true potential once all legal issues are resolved.
In addition to highlighting Ripple's commitment to XRP, Deaton also mentioned the company's On-Demand Liquidity Services (NASDAQ:LQDT) (ODL). This service recently collaborated with Al Maryah Community Bank and LuLu Exchange in the United Arab Emirates for real-time international payments. This collaboration is likely to bolster the use of XRP in global financial transactions.
Despite the legal challenges and market concerns, Ripple's XRP has shown a bullish pattern recently. Since September 2023, the price of the token has increased by 32%. This increase, coupled with Ripple's recent expansion and partnerships, suggests a promising future for both Ripple and XRP.
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