A US judge recently issued a judgement ruling that Ripple’s XRP should not be classified as a security, to the joy of many and resulting in a price surge in the market. Nevertheless, the price didn’t reach the level they had anticipated, according to renowned crypto lawyer John E. Deaton. In his recent statement he speculated on the prospects of XRP reaching an all-time high – suggesting that the overall trend in the cryptocurrency market, led by Bitcoin’s own performance, will be the deciding factor. According to Deaton, a sustained bull market triggerd by Bitcoin is required for any other cryptocurrency to reach their ATH – including XRP to surpass the $1 mark.
Securing victory in the dispute between themselves and the SEC was viewed by Ripple as a great development, though by Deaton’s suggestion it might not be as significant in the greater market as consistently hovering above $1 would be. Ultimately, Deaton believes that for any crypto to achieve an all-time high, Bitcoin itself needs to be the first to break that level.
