As the leading cryptocurrency, Bitcoin’s price movement often sets the tone for the entire market. When Bitcoin is in a full-blown bull market, it tends to attract institutional and retail interest, which helps the other cryptocurrencies as they too experience a price pump.
However, an attorney, who is closely watching the XRP and the SEC lawsuit, has warned the investors that managing expectations is essential in the crypto market, especially during a bull market.
Weeks ago, Judge Analisa Torres ruled that XRP is not considered a security but a digital currency. This decision was highly anticipated in the Web3.0 community and led to a significant increase in XRP’s price.
Crypto Attorney Offers Insights on Future XRP Price
Despite high hopes, XRP’s price didn’t meet the anticipated levels after the Federal Judge’s ruling. Even XRP holder’s lawyer, John Deaton, had set ambitious price goals for the cryptocurrency.
John Deaton took to his Twitter handle and said that while the recent ruling in favor of XRP provided a solid catalyst, he did not expect an all-time high (ATH) for the digital asset without a full-fledged bull run led by 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 was replying to Moon Lambo’s twitter post, highlighting the YTD (Year-to-date) performance data that showcases the remarkable growth in the cryptocurrency market, with XRP leading the pack with an impressive 85% increase.
XRP Price Analysis
The XRP price continues to drop, falling 6% in the last day and 20% over the past two weeks, now at $0.62. Analysts predict further decline, with expectations of retesting $0.55. Some experts consider XRP expensive, and others believe it lacks support until around $0.50.
Indeed, XRP’s price performance is closely linked to the overall market sentiment. Historically, during strong bull runs in the crypto space, altcoins like XRP tend to experience price surges in tandem with Bitcoin.
As Bitcoin teeters on the edge of breaching the $29,000 support level, altcoins are experiencing the impact of yesterday’s bearish market movement. The XRP price has suffered a 4.64% decline in the past 24 hours and is trading at $0.64.
Was this writing helpful? No Yes
Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.
