XRP Won’t Hit New ATH Before Bitcoin, Says XRP Attorney Deaton
Pro-XRP attorney John Deaton said he didn't anticipate an explosive rally from XRP. In a recent tweet, the lawyer said that XRP wouldn't hit a new all-time high (ATH) before the flagship crypto asset, Bitcoin.
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... https://t.co/alMOGfHne6
- John E Deaton (@JohnEDeaton1) August 5, 2023
Deaton maintained that though a recent court ruling declared Ripple as not a security, more was needed to spur a new ATH so soon. Nonetheless, he remained optimistic about the token's recovery.
The founder of Crypto-Law.US and XRP lawyer commented in response to a recent tweet displaying the year-to-date (YTD) performance of some top crypto assets and stocks.
A prominent Youtuber and Ripple influencer, Moon Lambo, posted his analysis of some top crypto assets and their YTD performance. According to the data, the YTD surges for XRP, Bitcoin (BTC), and Ethereum (ETH) are 85%, 74%, and 52%, respectively.
The YouTuber said he didn't see any need for the grumbling and disappointment most investors display amid Ripple's recent price dip. According to Moon Lambo, XRP's performance is still ahead of some top crypto tokens in the industry despite the ongoing fluctuations.
In response, Deaton mentioned that the disappointment of many people is based on their high anticipation for Ripple. The attorney disclosed his thoughts regarding a potential new ATH for XRP.
According to the lawyer, although he expected Ripple (XRP) to reach $1 following the court decision, he never believed the coin would reach a new all-time high.
Additionally, Deaton explained that XRP's potential climb to a new ATH is hinged on Bitcoin's movement. The lawyer maintained that BTC would break a new ATH for other crypto assets to follow such a trend.
XRP's Failure to Hit New ATHBefore the court ruling on the Ripple VS. SEC lawsuit, many crypto analysts predicted XRP exceeding its former ATH of $3.4 if Ripple won.
The judge's ruling wasn't just only declaring Ripple as a non-security. Also, she classified all Ripple's sales of Ripple to retail investors on digital exchanges as not securities.
However, though XRP surged to $0.93, its rally following Ripple's victory has been relatively low compared to many expectations. The token's price is now 0ver 50% lower than the $0.93 recorded on July 13.
CoinMarketCap data shows Ripple is traded at around $0.6185 as of 7:40 EST, a 2.17% over the past 24 hours. Many have criticized Ripple for not surpassing its previous ATH weeks after the ruling.
A prominent crypto trader Michal van de Poppe, gave two major reasons behind the Ripple dip after the ruling. The first is that long-term XRP holders of over a year disposed of their XRP positions.
The second reason is a drop in confidence in Ripple, deterring potential investors from purchasing massively. Poppe stated that many people believed the SEC would resume its attack on XRP by appealing the court's ruling.
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