In a revelation that surprised many in the crypto community, prominent cryptocurrency attorney and fervent XRP advocate, John Deaton, took to social media to discuss his personal digital assets portfolio.
In a quote tweet of his picture at the XRP Las Vegas 2023 event, Deaton candidly disclosed the heavyweight of his digital assets investments – Bitcoin (BTC). This declaration is quite surprising, given Deaton’s public advocacy for XRP.
Diversified Crypto Portfolio: A Prudent Path
Deaton’s cheeky tweet reads:
“I have standing to make this comment b/c my BTC investment significantly outweighs my XRP investment (my XRP family overlooks this and forgives me).”
His statements brought a dose of humor, demonstrating the broad-minded approach he and the XRP community maintain despite their substantial support for the token. The lawyer was not hesitant to praise the XRP community, labeling them as “the brightest, most knowledgeable, and most passionate of all crypto communities.” It is this diversification in his crypto portfolio that emphasizes the versatility of Deaton’s investment strategy and his conviction in the crypto industry’s potential.
XRP’s Market Outlook: A Dance With the Bulls?
In the meantime, the XRP market has been stirring. Between May 16 and 19, XRP saw a rally of 13% but faced resistance at $0.469. After surmounting the 20-day EMA ($0.45) on May 18, a resurgence of bullish momentum seems to be in play, reducing selling pressure, as indicated by the flattening 20-day EMA and the RSI in positive territory.
However, a formidable resistance zone lies ahead, sandwiched between the downtrend line and the 50-day SMA, which is $0.48. A successful breach could catapult XRP’s price toward $0.54. Conversely, if the price recoils from its current level, the bearish influence might assert itself, potentially stagnating the price between the 50-day SMA and $0.40.
XRP was worth $0.468 at the time of writing this article.