John Deaton tweeted that bitcoin is what determines the movement of other cryptoassets’ exchange rates. The lawyer suggested that XRP will only reach new heights when bitcoin becomes the bull market leader and sets a new record high.
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“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 PayPal will launch a stablecoin on Efirium, but ETH won’t grow. Like it or not, bitcoin rules the market,” Deaton tweeted.
In July, U.S. District Judge Analisa Torres issued a long-awaited ruling in the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple, ruling that XRP is not a security when sold on the secondary market. Many traders had hoped that this would trigger a serious rise in XRP, but that never happened.
On the day of the Ripple ruling, 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 it later fell below $30,200. XRP is now trading at $0.62.
Deaton has previously spoken out in defense of cryptocurrencies ADA, MATIC, XRP and ALGO, calling them codes in the crypto space that cannot be securities.