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.
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.
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.
Bitcoin and Ethereum, the two largest cryptocurrencies, have also shown gains of 74% and 52%, respectively. These gains significantly surpass the traditional markets.
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.
Source: https://coinpedia.org/news/xrp-price-predictions-unveiled-by-prominent-crypto-lawyer-john-deaton/