In a recent legal development, a US judge ruled that Ripple’s XRP should not be classified as a security, effectively resolving the dispute between XRP and the SEC. Following this decision, the price of XRP experienced a significant surge in the market. The outcome was seen as a crucial victory for Ripple, concluding the extended lawsuit.
However, XRP hasn’t reached the price anticipated by many. The statement comes from renowned crypto lawyer John E Deaton. In one of his recent tweets, Deaton stated that the price didn’t reach a favorable level as expected by many after the prolonged lawsuit came to an end.
Also read: Shiba Inu (SHIB): Exploring Drivers of 20% Price Explosion
Deaton points out the main reason for the disappointment
Addressing the subject of all-time highs (ATH), Deaton stated his views on the potential of XRP to reach ATH in the absence of a full bull market led by Bitcoin.
Deaton acknowledged that he never believed XRP would achieve an all-time high unless there was a strong bull market primarily driven by Bitcoin. He reiterated this stance even after a favorable legal ruling that resolved the dispute between XRP and the Securities and Exchange Commission (SEC). Despite the positive ruling, Deaton remained cautious about XRP’s ATH prospects, although he did expect it to surpass the $1 mark.
Also read: Dogecoin Nears Milestone, 5M Active Addresses on the Horizon
The crypto advocate emphasized that, in his opinion, the ultimate key to the broader crypto market’s performance lies in Bitcoin’s ability to break its all-time high. Until Bitcoin achieves this milestone, Deaton revealed that he does not anticipate any other crypto to significantly surpass their previous ATH.