A Catalyst for Altcoins
Crypto lawyer John Deaton, a known XRP advocate, dropped some important insights into what needs to happen before XRP’s price can significantly increase from its current level of around $0.65. Is this his message to XRP holders? Let’s find out.
According to Deaton, the rise of Bitcoin acts as a catalyst for altcoins like XRP. He explains, “XRP hasn’t broken free from Bitcoin. It’s just a fact, no matter how much you or anyone else wants to deny it.” This statement came after a staunch XRP supporter expressed disappointment upon learning Deaton also owns Bitcoin.
Deaton’s lighthearted response, while failing to placate all XRP holders, offered a much-needed dose of humor amidst the rising tension. The exchange between Deaton and Shelton highlights the ongoing debate within the cryptocurrency community regarding the relative importance of different digital assets.
Debate over Digital Asset Importance
Recently, XRP user Peter Shelton expressed his disappointment in John Deaton’s recent focus on promoting Bitcoin (BTC) instead of XRP. Shelton argued that this shift is a “lack of respect” for the XRP Army. However, Deaton countered this view by explaining that XRP’s upward trajectory is closely tied to Bitcoin’s uptrend and also emphasized that acknowledging the importance of Bitcoin’s rise is not a form of disrespect, as someone heavily invested in XRP. Later he rejected both Bitcoin maximalism and XRP maximalism.
XRP Bounces Back
Despite Deaton’s point about the correlation between XRP and Bitcoin, XRP has recently shown some positive movement. In the last 24 hours, it has climbed 5% to reach $0.65. However, even this small gain remains closely tied to Bitcoin’s recent surge above $44k.
Overall, Bitcoin’s rise will definitely benefit XRP, Deaton’s message serves as a reminder that altcoins like XRP are still heavily influenced by Bitcoin’s performance. If you’re an XRP holder hoping for a substantial price increase, you might want to start cheering for Bitcoin too. After all, as Deaton says, Bitcoin’s success can be seen as the rising tide that lifts all crypto boats, including XRP.
Hot Take
Crypto lawyer John Deaton’s insights shed light on the contentious issue of the importance of Bitcoin’s rise for altcoins like XRP. While XRP has shown some positive movement recently, it’s clear that Bitcoin’s performance heavily influences the trajectory of XRP. As an XRP holder, you might want to keep an eye on Bitcoin’s success, as it can benefit XRP and other altcoins. So, if you’re hoping for XRP’s price to increase significantly, it’s time to start cheering for Bitcoin too.
Cino Gaperi stands out as a prominent crypto analyst, accomplished researcher, and adept editor, making significant contributions to the field of cryptocurrency. With a strong background in crypto analysis and research, Cino’s insights delve deep into the intricate aspects of digital assets, appealing to a diverse audience. His keen analytical skills are complemented by his editorial proficiency, allowing him to distill complex crypto information into easily digestible content.