John Deaton, a prominent lawyer advocating for XRP, has reiterated his belief that Ripple is deeply committed to the cryptocurrency and has no intentions of abandoning it. He substantiates this claim by examining Ripple’s financial history and valuations.
Deaton points out that Ripple’s valuation has steadily risen over the years:
- 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 reached an impressive $10 billion.
- In 2022, Ripple engaged in a Series C buyback, valuing the company at $15 billion, which marked a 50% increase from the previous year.
Deaton also highlighted a recent development where the Dubai Financial Services Authority approved XRP under its virtual assets regime, allowing licensed firms in the Dubai International Financial Centre to incorporate XRP into their virtual asset services.
He emphasized that Ripple’s decision to repurchase its Series C shares at a higher price during a challenging crypto bear market demonstrates a strong vote of confidence in its future. This move occurred before significant legal developments, including the Torres Ruling.
Deaton commended Brad Garlinghouse, Ripple’s CEO, and noted that Ripple’s pre-IPO shares are currently trading at a valuation considerably lower than $15 billion.
He pointed out that given Ripple’s significant holdings 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.
