Because Bitcoin is the most important cryptocurrency, its price movement frequently sets the tone for the entire market. When Bitcoin is in a full-fledged bull market, it tends to attract institutional and retail interest, which benefits the other cryptocurrencies as they, too, see a price increase.
Nonetheless, one attorney who is closely following the XRP and SEC litigation has reminded investors that controlling expectations is critical in the crypto industry, particularly during a bull market.
Decide Analisa Torres ruled a few weeks ago that XRP isn’t considered a security, but rather a digital currency. This decision was highly anticipated among the Web3.0 community, and it resulted in a significant increase in the value of XRP.
A Crypto Legal Professional Offers Insights on the Future Value of XRP
Despite high expectations, the value of XRP did not reach the expected levels following the Federal Decision’s verdict. Even XRP’s lawyer, John Deaton, set lofty price targets for the cryptocurrency.
While the recent judgement in favor of XRP provided a stable trigger, John Deaton stated on Twitter that he would not anticipate an all-time high (ATH) for the digital asset without a full-fledged bull run driven by Bitcoin.
Deaton was responding to Moon Lambo’s tweet, which highlighted the YTD (12-month-to-date) efficiency data, which demonstrates the excellent development within the cryptocurrency sector, with XRP leading the field with an impressive 85% increase.
XRP Value Assessment
The XRP price continues to decline, falling 6% in the last day and 20% in the preceding two weeks to $0.62. Analysts foresee further drop, with a retest of $0.55 expected. Some analysts believe XRP is expensive, while others believe it lacks support until around $0.50.
Certainly, XRP’s value efficiency is inextricably connected to market sentiment. Historically, during strong bull runs in the crypto space, altcoins like XRP have experienced price increases in tandem with Bitcoin.