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
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