Pro-XRP lawyer John Deaton recently reiterated his belief that Ripple is committed to the cryptocurrency and will not abandon it. Deaton pointed out the mathematical evidence supporting Ripple’s commitment by tracing the company’s valuation history.
Deaton highlighted Ripple’s financial journey. In 2015, during its Series A funding round, Ripple was valued at $128 million. The following year, in its Series B round, the company’s valuation surged to $410 million. By 2020, Ripple’s Series C valuation had soared to an impressive $10 billion. In 2022, Ripple engaged in a Series C buyback, valuing the company at $15 billion, representing a 50% increase from the previous year.
His latest tweet was in response to a news which read, “Today, the Dubai Financial Services Authority (DFSA) approved XRP under its virtual assets regime – allowing licensed firms in the Dubai International Financial Centre (@DIFC) to incorporate XRP into their virtual asset services.”
The attorney stressed that Ripple’s decision to buy back its Series C shares at a higher price during the worst crypto bear market was a strong statement of confidence in its future. This action occurred before significant legal developments, such as the Torres Ruling.
Deaton commended Brad Garlinghouse, Ripple’s CEO, describing him as the “MVP of Crypto Company CEOs.” He also drew attention to the fact that Ripple’s pre-IPO shares are currently trading at a valuation considerably lower than $15 billion.
The lawyer highlighted that with Ripple’s ownership of a substantial amount of XRP, it would be impractical for the company to abandon the cryptocurrency. If XRP were to reach $2 per token, Ripple’s holdings would be valued at approximately $100 billion, underscoring the long-term commitment Ripple has to XRP.
He wrote on X, “Ripple’s pre-IPO’s shares clearly trade at a valuation significantly less than $15B. Owning 48B-50B #XRP make it insane to abandon #XRP. If #XRP reaches $2, Ripple has an asset valued at $100B. You get the picture.”