Lawyer John Deaton, who defends the interests of XRP owners, explained why the coin did not reach $ 1, despite the partial victory of Ripple in a lawsuit with the American regulator.
John Deaton tweeted that it is Bitcoin that determines the movement of other crypto assets. The lawyer suggested that XRP will only reach new heights when Bitcoin becomes the leader of the bull market and sets a new all-time high.
“If I told you that there would be regulatory clarity on XRP but the coin would not reach $1, many would not believe it. Just like if I said that PayPal will launch a stablecoin on Ethereum, but ETH will not rise. Like it or not, bitcoin rules the market,” Deaton tweeted.
In July, District Judge Analisa Torres delivered a long-awaited decision in a U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple, ruling that XRP is not a security when sold on the secondary market. Many traders hoped that this would trigger a serious rise in XRP, but this never happened.
On the day of the Ripple ruling on July 13, XRP only rose to $0.93 and has been on a downtrend ever since. Bitcoin rose to around $31,500 that day, but later fell below $30,200. XRP is currently trading at $0.62.
Deaton has previously spoken out in defense of ADA, MATIC, XRP and ALGO cryptocurrencies, calling them codes in the crypto space that cannot be securities.
