In a recent development, crypto lawyer John Deaton shared his insights regarding the projected price of XRP. Although XRP is yet to surpass $1, Deaton believes its chances of attaining its price all-time high of $3.84 depends on Bitcoin (BTC), the largest cryptocurrency by market cap.
Despite the recent ruling by Judge Analisa Torres, which determined that XRP is not a security, the cryptocurrency has yet to surpass the $1 mark.
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The ruling by Judge Torres was eagerly anticipated within the XRP ecosystem, and it led to a significant pump of XRP in terms of price. However, contrary to popular expectations, the digital currency did not reach the projected price levels following the decision. John Deaton, who is representing XRP holders, had set his sights high for the cryptocurrency.
XRP Depends on Bitcoin (BTC) to Reach All-Time High
In a recent Twitter post, Deaton responded to criticism of slow price gains in the digital currency market this year. He explained that the disappointment expressed by some holders is a matter of unmet expectations.
The pro-XRP attorney believed that, despite the favorable ruling, XRP would not reach a new all-time high because it derives its surging strength from Bitcoin (BTC) like every other coin in the market. Nevertheless, he did anticipate a break above the $1 resistance level, an expectation that did not also materialize.
John Deaton tweeted, “It’s all about expectations. Unless we were in a full bull market – led by Bitcoin – I never believed XRP would hit an ATH, even after a good ruling and I said that when asked about my expectations on price (although I did expect it to break $1 tbh). But until Bitcoin breaks its ATH, I don’t expect anything else to. But with all the naysayers out there, know this: You can’t argue with facts.”
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Despite experiencing a surge of over 70% immediately after the ruling, XRP failed to surpass the $0.84 mark. This serves as a reminder of the unpredictable nature of the digital currency ecosystem and the importance of managing expectations accordingly.
With regard to XRP’s future, Deaton remains cautiously optimistic. While breaching the ambitious ATH of $3.84 from over six years ago may be unlikely, he believes that reaching the $1 threshold is within reach.
However, Deaton contends that this depends on Bitcoin (BTC) retesting its price all-time. Until such a breakthrough occurs, he does not expect significant bullish momentum in XRP’s price.
At the time of writing, XRP is trading at $0.6337, showing a 10% decrease over the past month, according to CoinMarketCap. Market watchers continue to monitor XRP’s performance, keeping a close eye on the potential impact of Bitcoin (BTC) on its price trajectory.
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