- John Deaton asserts Bitcoin is the main driver of the crypto market.
- PayPal’s Ethereum-linked stablecoin launch fails to significantly impact ETH price.
- XRP community echoes Deaton’s assertion of Bitcoin’s paramount influence on broader crypto trends.
John Deaton, a prominent lawyer known for supporting XRP, took to Twitter to express an opposing view about the influence of altcoins like XRP amid significant developments that failed to propel prices.
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 (NASDAQ:PYPL) 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
Deaton highlighted that XRP enthusiasts would have challenged his sentiment if he had proclaimed that XRP would not cross $1 immediately after defeating the U.S. Securities and Exchange Commission (SEC). He said:
If I had told you XRP would get regulatory clarity but not hit $1, many wouldn’t have believed it.
This observation highlights the intriguing juxtaposition between regulatory progress and market performance. XRP had grown over 80% within 24 hours to about $0.9 after the U.S. court declared the digital asset was not a security.
Deaton went on to draw attention to another intriguing scenario involving Ethereum (ETH), the crypto market’s second contender. He mentioned that Paypal launched a stablecoin on the Ethereum blockchain. However, ETH had no resultant price impact. Data from the market tracking site, CoinMarketCap, shows ETH only saw a paltry 0.87% increase in the last 24 hours after the PayPal announcement.
The pro-XRP lawyer concluded his point by emphasizing the dominance of Bitcoin (BTC) in shaping the cryptocurrency market. “Like it or not, Bitcoin drives this market, IMO,” Deaton proclaimed in the face of XRP armies.
This declaration underscores the enduring influence of Bitcoin as a market leader and its pivotal role in setting trends for the broader crypto landscape. Interestingly, the XRP community mostly agreed with Deaton that Bitcoin is the main driver of the crypto market.
The post XRP Price Still Below $1 After SEC Ruling: What’s Holding It Back? appeared first on Coin Edition.