Why Hasn’t XRP’s Price Reached $1 Despite SEC Victory? John Deaton Opines

On August 8, prominent lawyer and cryptocurrency enthusiast John Deaton took to Twitter to share his insights on the surprising corollary between regulatory clarity for XRP and ETH’s stagnant performance despite PayPal’s recent stablecoin announcement.

• Deaton highlighted the growing influence of Bitcoin (BTC) on the overall crypto market, overshadowing even seemingly significant events for altcoins.
• In his tweet, Deaton intimated that despite XRP’s recent partial victory in the case brought against it by the SEC, it failed to break the $1 level, with its value rebounding to a peak of $0.8875 on July 13.

If I had told you #XRP would get regulatory clarity but not hit $1, many wouldn’t have believed it. Likewise, if I had told you PayPal would issue a stable coin on Ethereum but #ETH wouldn’t increase at all, many wouldn’t have believed it. Like it or not, #Bitcoin drives this…

— John E Deaton (@JohnEDeaton1) August 8, 2023

• The coin is currently trading at $0.646 and has largely played around that level, weeks after the market expected Judge Analisa Torres’ verdict to propel it to new heights.
• Likewise, despite Ethereum-based projects making headlines with PayPal’s announcement of a stablecoin on the platform, no notable increase was seen in the ETH valuation.
• After Paypal’s announcement of the PYUSD stablecoin, ETH gained nearly $62 on its price to reach a high of $1,873. At the time of writing, the momentary rush created by the Paypal news had dissipated, and ETH’s price had dropped to $1,859, per data from CoinGecko.
• Such patterns are a testament to Deaton’s sentiment that the current bullish trend in the crypto market is driven primarily by Bitcoin, which has been performing relatively well, pushing the market forward despite major news for other cryptocurrencies.