Why is XRP’s Price Still Under $1 Following the SEC Decision?

• Attorney John Deaton expressed skepticism about XRP surpassing $1 post-SEC lawsuit.
• Deaton noted Ethereum’s price remained unaffected despite PayPal’s stablecoin introduction.
• Deaton believes Bitcoin is the primary force driving the crypto market.

John Deaton, a distinguished attorney recognized for his advocacy of XRP, voiced a dissenting opinion on Twitter regarding the impact of alternative cryptocurrencies such as XRP in light of substantial advancements that did not stimulate price growth.

Deaton emphasized that if he had asserted that XRP wouldn’t surpass the $1 mark right after overcoming the SEC lawsuit, XRP supporters would have likely disputed his viewpoint. He stated:

If I had told you XRP would get regulatory clarity but not hit $1, many wouldn’t have believed it.

This insight underscores the fascinating interplay between regulatory advancements and market dynamics in the crypto industry. XRP experienced a surge of over 80% within a single day, reaching approximately $0.9, following the U.S. court’s ruling that the digital asset does not constitute a security.

Deaton highlighted another fascinating situation concerning Ethereum , the second-leading player in the cryptocurrency market. He noted that Paypal had introduced a stablecoin on the Ethereum blockchain. However, this development did not significantly affect the price of ETH. According to data from the market monitoring platform, CoinMarketCap, ETH experienced a mere 0.87% surge in the last 24 hours following the announcement by PayPal.

The attorney advocating for XRP underscored his argument by highlighting the significant influence of Bitcoin in dictating the trends of the cryptocurrency market. “Whether we accept it or not, Bitcoin is the primary force steering this market, in my opinion,” Deaton asserted, addressing the XRP supporters.

This statement highlights the persistent impact of Bitcoin as a dominant player and its crucial function in shaping the wider cryptocurrency ecosystem. Notably, the consensus among the XRP community aligns with Deaton’s view that Bitcoin is the primary catalyst in the cryptocurrency market.